When the U.S. price level increases relative to the price level in foreign economies, U.S. consumers tend to buy:
A. Fewer imported goods and fewer domestically produced goods, ceteris paribus.
B. Fewer imported goods and more domestically produced goods, ceteris paribus.
C. More imported goods and fewer domestically produced goods, ceteris paribus.
D. More imported goods and more domestically produced goods, ceteris paribus.
C. More imported goods and fewer domestically produced goods, ceteris paribus.
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The less elastic is the demand for a firm's product, the greater is that firm's market power
Indicate whether the statement is true or false
Which of the following is not an example of a model?
A. a small plastic airplane tested in a wind tunnel B. a highway map C. a photograph of the inside of a computer D. a poster of the human digestive system
Adam Smith in his 1776 book the Wealth of Nations describes the concept of “an invisible hand.” Explain what he means by an “invisible hand.”
Please provide the best answer for the statement.
Economists no longer attack industry concentration with the same fervor they once did because
A. small firms do the most research in the United States. B. the benefits of product differentiation and product competition are illusory. C. even firms in highly concentrated industries can be pushed to produce efficiently under certain market circumstances. D. substantial economies of scale result in completely competitive market structures.