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The United States imports many cars from Japan.Suppose that the price of steel that Japan uses in producing cars declines. What is the INITIAL (first)
The United States imports many cars from Japan.Suppose that the price of steel that Japan uses in producing cars declines. What is the INITIAL (first) effect this will have in the U.S. market for cars?
a) the supply of Japanese-made cars to the U.S. will increase
b) the price of Japanese-made cars sold in the U.S. will decrease
c) the price of Japanese-made cars in the U.S. will increase
d) the demand for Japanese-made cars will increase
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