Harmonization of standards can institutionalize a set of inferior standards

"Assuming the long-run average cost curve is U-shaped, a firm will always seek to operate at the lowest point on the long-run average cost curve." True or false?

Indicate whether the statement is true or false

An 36 percent increase in the price of small cars results in a 20 percent increase in the quantity supplied. The supply elasticity in this range equals ________

A) 9/5 B) 5/9 C) 7/10 D) 4/10