The aggregate demand curve shows the equilibrium output level at different price levels determined from the income-expenditures model

The producer price index measures the cost of a basket of goods and services bought by firms rather than consumers

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

If some resources used in the production of a good are only available in limited quantities, then the long run market supply curve will be perfectly elastic

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