A profit maximizing monopolist sets price and output so that it always operates on the elastic portion of its straight-line demand curve when in equilibrium

The long-run aggregate supply (LAS) curve

A) has a positive slope. B) has a negative slope. C) is vertical. D) is horizontal.

In the long run, fixed costs are

A) sunk. B) avoidable. C) larger than in the short run. D) not included in production decisions.