Apple is an American company, but its iPhones are assembled in China. The sale of each iPhone then is counted in US GDP as:

Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, we would expect that

A) price will decrease until quantity demanded equals quantity supplied. B) supply will increase until quantity demanded equals quantity supplied. C) demand will decrease until quantity demanded equals quantity supplied. D) there will be no change in the price since the market is in equilibrium.

When a local grocery store offers discount coupons in the Sunday paper it is most likely trying to

a. reduce prices for all customers. b. encourage literacy. c. encourage arbitrage. d. price discriminate.