Refer to the figure above. When the supply curve of flash drives is S1 and the demand curve for flash drives is D, what is the shortage in the market when the price is $5?

If a firm experiences economies of scale, the average total cost of production increases as output expands

a. True b. False Indicate whether the statement is true or false

According to the ____ school of thought, it is in people's self-interest to acquire, process, and respond to information which affects their economic well-being and to not repeat previous errors in action.

A. supply-side B. economic behaviorists C. Keynesian D. rational expectations