An important determinant of a country's standard of living is the amount of __________ it typically experiences

The manager of Steel Works learns of a new technological interdependency between the final stage of production and the distribution of the final product. If Steel Works currently contracts with another firm to distribute the product, which of the following is true?

A) The manager has less of an incentive to integrate forward. B) The manager has more of an incentive to integrate forward. C) The manager has more of an incentive to integrate backward. D) The manager has less of an incentive to integrate backward.

We say that goods are substitutes when they:

A. serve similar-enough purposes that a consumer might purchase one in place of the other. B. are consumed together, so that purchasing one will make a consumer more likely to purchase the other. C. can replace something consumers typically purchase at a significantly lower price. D. change a consumer's preferences for a good or service.