Table 4-5 -Refer to Table 4-5. the Table Above Lists the Highest

question 242

Multiple Choice

Table 4-5

-Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket rises from $20 to $38,

• A) only three tickets will be sold.
• B) consumer surplus decreases from $62 to $12.
• C) consumer surplus increases from $88 to $142.
• D) no one will buy a ticket.

---

Definitions:

Negotiation Process

A structured interaction where two or more parties communicate to reach an agreement or resolve a dispute.

Landrum-Griffin Act

A 1959 United States federal law that aims to protect union members' rights and improve labor union governance and accountability.

Labor Union

A labor union is a legally constituted group of individuals working together to achieve shared, job-related goals, including higher pay and shorter working hours.

Taft-Hartley Act

In 1947, the United States passed a federal legislation that curtails the functions and influence of labor unions.