Refer to Table 2.3. Assume that 2010 is the base year. The GDP deflator for 2013 is

A movement upward and to the right along a supply curve is called a(n)

a. increase in supply. b. decrease in supply. c. decrease in quantity supplied. d. increase in quantity supplied.

If the demand decreases in a perfectly competitive market, firms will likely:

A. exit the market in hopes of capturing profits elsewhere. B. experience negative profits in the short run. C. experience zero profits in the long run. D. All of these are true.