If a firm is a perfectly competitive purchaser of factor inputs and the wage rate is $5, the marginal factor cost for labor is

If both supply and demand decrease and the shift in demand dominates, which of the following happens? a. The equilibrium quantity increases. b. The equilibrium price and the equilibrium quantity decrease. c. The equilibrium price decreases and equilibrium quantity increases. d. The equilibrium quantity increases and the equilibrium price change is indeterminate

e. The equilibrium price increases and the equilibrium quantity decreases.

Economic time series are outcomes of random variables.

Answer the following statement true (T) or false (F)