Gradual adjustment of prices and wages to an increase in the aggregate demand curve implies that the aggregate supply curve is:

If a firm faces an average total cost of $100 and sells its product for $115, how much profit does it make when it sells 20 units of the product?

A) $200 B) $115 C) $300 D) $800

Key determinants of economic profit include ________

A) the revenue from selling goods and services B) the cost incurred in buying capital C) the cost of hiring labor D) all of the above E) none of the above