Which of the following changes aggregate supply and shifts the aggregate supply curve? i. change in the price level ii. change in potential GDP iii. change in the money wage rate

The graph of two variables, x and y, is a horizontal line. This result indicates that x and y are

A) positively related. B) negatively related. C) not related. D) falsely related.

In a perfectly competitive market, if market price is higher than the average total cost of production, ________

A) firms will incur losses in the long run B) firms will make profits in the long run C) new firms will enter the industry D) firms will exit the industry