If somebody tells you that all of the relative prices in the economy have increased over the past year, what can you conclude?
Answer to relevant QuestionsTrue or False: If Americans can produce both agricultural and industrial products with less effort and fewer raw materials than Mexicans can, then there can be no advantage to the United States in trading with Mexico.Chris buys coffee for $1 per cup and tea for 50¢ per cup; every day she drinks 2 cups of coffee and 1 cup of tea. David buys coffee for 50¢ per cup and tea for $1 per cup; every day he drinks 1 cup of coffee and 2 cups of ...Suppose that in the short run, capital is fixed and labor is variable. True or False:If the price of capital goes up, the firm's (short-run) average cost, average variable cost, and marginal cost curves will remain ...True or False: Heavy competition among firms for a limited number of customers leads to such devices as discounts for students and senior citizens.True or False: If nothing is worth dying for, then going to war is irrational.
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