When demand increases, the equilibrium price ________ and the equilibrium quantity ________

In the above table, for Mary the opportunity cost of producing a dress is ________ and the opportunity cost for Mark of producing a dress is ________

A) 1 1/2 jackets; 2 1/2 jackets B) 1 jacket; 1 jacket C) 1 dress; 1 dress D) 1 1/2 jackets; 2/3 of a jacket E) 1 1/4 jackets; 1/2 of a jacket

Suppose a firm earns an accounting profit. This means the firm also earns a positive economic profit

a. True b. False Indicate whether the statement is true or false