A Decline in Demand in a Competitive Industry Will Result

question 155

Multiple Choice

A decline in demand in a competitive industry will result in

• A)a decrease in equilibrium price
• B)a decline in the number of firms in the industry
• C)economic losses for some firms in the industry
• D)a decline in the equilibrium quantity
• E)all of the above

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Definitions:

Bargaining Committee

A group of employees or union members designated to negotiate labor contracts with their employer.

Hourly Wage

Payment to employees based on the number of hours worked, set as a rate per hour.

NLRB

The National Labor Relations Board, a US government agency that enforces US labor law in relation to collective bargaining and unfair labor practices.

Election Campaign

An organized effort which seeks to influence the decision-making process within a specific group by selecting individuals for public office.