If in the long run a firm makes zero profit, it should exit the industry

Substitutes are pairs of products with

a. positive cross-price elasticity of demand b. negative cross-price elasticity of demand c. positive income elasticity of demand d. negative income elasticity of demand e. positive price elasticity of demand

Pierre is French Canadian, and like many Canadians he is experiencing booming good economic times. His good fortune is likely to impact U.S. aggregate demand in what way? a. Positively, because he prefers to make all his purchases in Canada from Canadian firms. b. Negatively, because he prefers to make all his purchases in Canada from Canadian firms. c. Negatively, since we are all members of

North American Free Trade Zone. d. Positively, since he will be in a better position to purchase U.S.-made goods.