An association of producers that fixes common prices and output quotas is known as a

An increase in resources available would decrease potential GDP and the long-run aggregate supply curve

Indicate whether the statement is true or false

Suppose that ABC Industries, a perfectly competitive firm, currently produces 500 units of imitation ham spread for a total cost of $1,500 . The marginal cost of the 500th unit is $20, and the marginal revenue of the 500th unit is $15 . To maximize profits, Cheapo Industries should:

a. continue to produce 500 units. b. produce more than 500 units but less than 1500 units. c. produce less than 500 units. d. produce more than 1500 units. e. stop producing at 500 units.