Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7. What is the value of the consumer surplus enjoyed by her customers?

A supply shock causes the long-run aggregate supply curve to shift left, decreasing the price level

Indicate whether the statement is true or false

Whenever marginal cost is below average cost, average cost must fall as output increases

a. True b. False