Graphically, an increase in the number of vegetarians will cause the demand curve for Tofu (a meat substitute) to
A. become flatter.
B. shift rightward.
C. shift leftward.
D. become steeper.
Answer: B
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Under the average-cost inventory method, to determine the average cost per unit:
What will be an ideal response?
"When countries specialize in producing the good in which they have a comparative advantage and then trade with each other, only the country with the absolute advantage gains"
Is the previous statement correct or incorrect? Briefly explain your answer.
Perfectly competitive industries tend to produce low-priced, low-technology products
Indicate whether the statement is true or false
The intertemporal budget constraint tells us that
A) the income earned in a lifetime will be evenly divided between consumption and saving. B) the present value of lifetime consumption equals the present value of lifetime income. C) household consumption is based on permanent income and not transitory income. D) consumption smoothing only occurs in years when income is greater than consumption.