During a severe winter, the price of home heating oil is expected to be more than it would be during a normal winter
What will be an ideal response?
True. During a severe winter, people need to operate their furnace more often than in a normal winter. The demand for home heating oil lies to the right of where it would be under normal weather conditions. As a result, the price of oil rises.
Economics
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Price tags reduce transaction costs in countries where people's time is more valuable
Indicate whether the statement is true or false
Economics
Suppose the United States decides to impose a $1,000 tax on every Japanese minivan sold in the United States. This is an example of:
A. a tariff. B. free trade. C. comparative advantage. D. a quota.
Economics