After the Terrorist Attacks in 2001, Many Companies Cut Back

After the terrorist attacks in 2001, many companies cut back on their advertising budgets. Jeremy's advertising agency considered laying people off but instead asked everyone to take a 5% pay cut until business was back to normal. His company used the alternative to layoffs.

A) downsizing approach
B) rings of defense approach
C) voluntary time off plan
D) take vacation plan
E) voluntary reduction in pay plan