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When the prices of a country's imports decrease, the prices of domestic goods may decrease. This ...

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When the prices of a country's imports decrease, the prices of domestic goods may decrease. This ...

When the prices of a country's imports decrease, the prices of domestic goods may decrease. This occurs because

▸ a decrease in the prices of imported inputs will cause aggregate supply to decrease.

▸ if import prices fall relative to domestic prices, households will tend to substitute domestically produced goods and services for imports.

▸ if import prices fall relative to domestic prices, households will tend to substitute imports for domestically produced goods and services.

▸ a decrease in the prices of imported inputs will cause aggregate demand to increase.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 66 times

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Ilovebacon22 Author

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I appreciate what you did here, answered it correctly Smiling Face with Open Mouth

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