When actual output equals potential output there is ________ output gap and the rate of inflation will tend to ________.

Refer to the scenario above. If Frank discounts delayed utilities with a weight of 9/10, then which of the following statements is true?

A) He will eat both hotdogs and ice cream. B) He will eat hotdogs but avoid ice cream. C) He will eat ice cream but avoid hotdogs. D) He will avoid consuming both hotdogs and ice cream.

If the demand for a product is elastic, the quantity demanded changes by a smaller percentage than the percentage change in price

Indicate whether the statement is true or false