In an increasing cost industry, an unexpected decrease in demand ...

[james]

In an increasing cost industry, an unexpected decrease in demand would lead to ____ costs and a ____ price in the long run?
 a. higher; higher.
  b. higher; lower.
 c. lower; lower.
 d. lower; higher.

Question 2

A country benefits from trade if it is able to obtain a good from a foreign country:
 a. that has a very low domestic demand.
  b. the production of which requires a steady supply of unskilled labor.
  c. by giving up less of other goods than it would have to give up to obtain the good at home.
  d. by giving up more of other goods than it would have to give up to obtain the good at home.
  e. that has a substantial number of substitutes in the domestic market.

[irishcancer18]

Answer to Question 1

c

Answer to Question 2

c

[james]

Excellent

[cam1229]

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