A market which only allows only one firm to operate at lowest average cost is called a(n)

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

1. A shift outward in the production possibilities curve is the direct result of improvements in the efficiency factor of economic growth. 2. Total output for an economy is basically equal to total work-hours multiplied by labor productivity. 3. If an economy has 800,000 work-hours employed, and its labor productivity is $16/hour, then its real GDP must be $50,000. 4. Since the 1950's, the U.S. average annual rate of growth of real GDP was higher than the average annual growth of real GDP per capita. 5. Increased labor productivity has been less important as a source of growth than the increased labor inputs in the U.S. economy since the 1950's.

When the price of NBA tickets is $25 each, 30,000 tickets are sold. After the price rises to $30 each, 20,000 tickets are sold. At the original price, the demand for NBA ticket is:

A. elastic. B. perfectly elastic. C. inelastic. D. unit elastic.