At the time of the Civil War the most important crop in the South was _________.
Fill in the blank(s) with the appropriate word(s).
cotton
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A firm that is losing money may consider shutting down. Why would the firm still face losses in the short run?
a. It will still need to pay variable costs. b. It will no longer have income. c. It has already paid for fixed costs. d. It will not still face losses.
A good that is expected to last less than one year is a
a. durable good b. service c. nondurable good d. short-term good e. perishable good
William likes Dr. Pepper and pork sandwiches. When the price of pork sandwiches rises, the substitution effect causes Dr. Pepper to be relatively
a. more expensive, so William buys more Dr. Pepper. b. more expensive, so William buys less Dr. Pepper. c. less expensive, so William buys more Dr. Pepper. d. less expensive, so William buys less Dr. Pepper.
___________ is the study of the determination of an equilibrium price and quantity in a given product or input market that is self-constrained and independent of other markets
Fill in the blank(s) with the appropriate word(s).