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Author Question: What is meant by bargaining power? What are the two factors that determine an individual's ... (Read 96 times)

jjjetplane

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on: Jun 29, 2018
What is meant by bargaining power? What are the two factors that determine an individual's bargaining power?
 
  What will be an ideal response?

Question 2

Which of the following statements is true?
 
  A) If the price of a good is raised and total revenue does not change, demand is perfectly elastic.
  B) If the price of a good is lowered and total revenue increases, demand is inelastic.
  C) If the price of a good is lowered and total revenue decreases, demand is elastic.
  D) If the price of a good is raised and total revenue increases, demand is inelastic.


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CAPTAINAMERICA

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Bargaining power describes the relative power an individual has in negotiations with another individual. The cost of failing to come to an agreement and the influence of one person on the other are key determinants of bargaining power.

Answer to Question 2

D


jjjetplane

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

epscape

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Reply 3 on: Yesterday
Excellent

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