We can conclude that international trade is beneficial because, regardless of whether the country imports or exports a good, the overall increase in well-being outweighs the losses associated with trade

When demand is elastic, an increase in price leads to:

A. a decrease in total expenditures. B. an undetermined change in expenditures. C. an increase in total expenditures. D. no change in total expenditures.

Optimal decisions are made

A) if information about prices and marginal utilities is known. B) in the marketplace. C) at the margin. D) when marginal utility is minimized.