Suppose beer producers in Munich became aware of the low price of one barrel of beer in the domestic market relative to that in the United States. What will be the impact of this price difference?
a. Beer production in Munich will decline.
b. Price of beer in the domestic market will increase.
c. Beer production in the U.S. will increase.
d. Beer consumption in the domestic market will increase.
B
Economics
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The labor supply and demand most directly affect the level of ________ in an economy
A) people requiring retraining B) welfare benefits C) people attending colleges D) employment
Economics
Fred's income has just risen from $940 per week to $1,060 per week. As a result, he decides to purchase 9 percent more steak per week. The income elasticity of Fred's demand for steak is
A) 0.75. B) 0.90. C) 1.00. D) 1.33.
Economics