Imports are the goods and services that are produced abroad and then purchased domestically

If the cross elasticity of demand between coffee and tea is positive, an increase in the price of tea will shift the demand curve for

A) tea rightward. B) tea leftward. C) coffee rightward. D) coffee leftward.

An individual perfectly competitive firm has a supply curve

A) with a positive slope. B) with a negative slope. C) that is parallel to the quantity axis. D) that has a positive slope at lower output levels and a negative slope at higher output levels.