If goods X and Y are substitutes and the price of X falls, all other things being equal, the demand curve for Y will
A) be indeterminate.
B) shift to the right.
C) shift to the left.
D) not shift at all.
Answer: C) shift to the left.
Economics
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Since the mid-1980s, the United States has been a net ________ and a ________ nation
A) borrower; creditor B) lender; creditor C) borrower; debtor D) lender; debtor
Economics
A firm is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do?
A. Shut down. B. Increase output. C. Stay at its current output. D. Decrease output.
Economics