A shift away from expenditures on domestic goods and a shift toward expenditures on foreign goods when the domestic price level increases is known as

In the above figure, at point b what is the opportunity cost of producing 2 more audio tapes?

A) 1/2 video tape per audio tape B) 1 video tape per audio tape C) 6 video tapes per audio tape D) There is no opportunity cost.

The mutually understood standards that people follow from experience are called norms

Indicate whether the statement is true or false