Producers of close substitutes have little or no incentive to merge.

Tastes of individuals are represented by

A) indifference curves. B) production possibility frontiers. C) isovalue lines. D) production functions. E) the terms of trade.

Over a short-run period (i.e., week or month), ________ dominate exchange rate movements

A) short-run inflation differentials B) nominal price changes C) relative price changes D) None of the above