The economic principle that states that individuals or nations can gain by specializing in the production of goods that they produce cheaply and exchanging for other desired goods that they could only produce at a higher cost is

A general-equilibrium analysis of a price change in the corn chip market would include an investigation of the impacts in

A) the television market. B) the coffee market. C) the salsa market. D) All of the above.

If the cross-price elasticity of demand between two goods is -2.2, then the

a. two goods are substitutes b. two goods are complements c. income elasticity of demand must be between 0 and 1.0 d. goods are both normal goods e. goods are both inferior goods