If input cost rises significantly when production is increased, a firm's price elasticity of supply will tend to be low

The above figure shows the market for pizza. The market is in equilibrium when people's incomes decrease. If pizza is a normal good, then which point represents the most likely new price and quantity?

A) A B) B C) C D) D E) E

The long-run aggregate supply curve is vertical

Indicate whether the statement is true or false