If the price of butter increases, the demand for margarine
A) will be unchanged.
B) will shift outward.
C) will shift inward.
D) will kink into an S-curve.
B
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The rapid adoption of Basic Oxygen Furnaces by "Big Steel" (the top six firms) kept the American basic steel industry from falling behind changes in world technology during the 1960s
Indicate whether the statement is true or false
The use of a tariff provides monopoly protection since
A) it allows more imports into the country. B) it reduces competition from imports by raising the import price. C) it reduces exporters' profits. D) it expands tax credits.
The accounting profit earned by a firm is smaller than its economic profit because accountants include the value of various opportunity costs of production when calculating the accounting profit
a. True b. False Indicate whether the statement is true or false
Purchasing power parity does not hold in the short to medium run because
A. countries produce different goods. B. exports don't equal imports. C. exchange rates fluctuate too much. D. most business cycles are caused by shocks to aggregate demand.