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All Other Things Constant, If a _____ Proportion of a Consumer's

question 10

Multiple Choice

All other things constant, if a _____ proportion of a consumer's budget is spent on a good, the demand for the good will be more _____ and a consumer will purchase a substitute instead. ​


Definitions:

Agency Shop

A workplace where employees must pay union fees even if they are not union members, as long as a union is the recognized bargaining agent for the workplace.

Union Members

Individuals who belong to a labor union, which represents their interests in negotiations with employers over wages, benefits, and working conditions.

Production Union

A labor organization whose members are involved in the actual manufacturing or production process of goods.

NLRB Approval

Endorsement or sanction given by the National Labor Relations Board, an agency that enforces US labor law in relation to collective bargaining and unfair labor practices.

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