Reported GDP increases when, in fact, total production is unchanged when I. there is a shift from household production to market production. II. a previously illegal activity is legalized

In the above figure, the long-run equilibrium price and output are

A) $10 and 10. B) $10 and 12. C) $7 and 8. D) $8 and 10.

In theory, the long-run supply curve for perfectly competitive market firms who are identical is:

A. downward sloping. B. perfectly elastic. C. upward sloping. D. perfectly inelastic.