If two goods are substitutes, a decrease in the price of one will result in an increase in demand for the other.

The GDP deflator is a measure of the price level which is calculated as nominal GDP divided by real GDP and multiplied by 100

Indicate whether the statement is true or false

The shape of the long-run average cost curve reflects

a. market demand b. economies and diseconomies of scale c. increasing and diminishing marginal returns d. productivity of fixed inputs e. all of the above