The cross price elasticity for Bud Light for a change in the price of Coor's Light is likely to be
A. negative but less negative than -1.
B. positive.
C. negative and more negative than -1.
D. zero.
Answer: B
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U.S. exports make up less than 20 percent of GDP
a. True b. False Indicate whether the statement is true or false
In a perfectly competitive market, the process of entry and exit will end when firms face
a. marginal revenue equal to long-run average total cost. b. total revenue equal to average total cost. c. average revenue greater than marginal cost. d. accounting profits equal to zero.
If countries that export a primary product form an effective international cartel, then
A. the importing countries will be forced to reduce their import barriers. B. world efficiency will increase. C. the world supply of the primary product will expand substantially. D. output of the primary product will fall and its price will rise.
Refer to the information provided in Figure 7.5 below to answer the question(s) that follow. 
Figure 7.5Refer to Figure 7.5. Diminishing marginal returns set in after the ________ worker is hired.
A. first B. fifth C. eighth D. sixteenth