A consumer's ______ determines the location of their uncompensated demand curve, while the level of their ______ determines the location of their compensated demand curve.

Money solves the problem of double coincidence of wants that would regularly occur under a system of credit

Indicate whether the statement is true or false

A firm in a perfectly competitive industry

a. is unaffected by the entrance of new firms into the industry, since entering firms affect only the prices they themselves receive. b. always produces more output in the long run than in the short run. c. may choose a different output in the long run than in the short run. d. earns economic profit in the long run but not in the short run.