The estimated demand for a good is = 4800 - 16P - 0.65M - 1.5PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. If income decreases by $2,000, all else constant, quantity demanded will ________ by ________ units.

The rapid growth of China's economy relative to the United States has benefitted U.S. consumers because

A) U.S. consumers can purchase more lower-priced goods made in China. B) competition from China has made jobs harder to find in the United States. C) goods made in China are always of higher quality than goods made in the United States. D) the United States has comparative advantage in more goods than China does.

Explain why environmental damage would be classified as an externality