Nominal GDP is greater than GDP because of the effects of inflation as measured by the GDP chain price index

Cost-reducing technological advancements allow suppliers to earn more profits but have no noticeable effect on the supply curve

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

In order to produce 100 oatmeal cookies, Goodie Cookie Co incurs an average total cost of $0.25 per cookie. The company's marginal cost is constant at $0.10 for all oatmeal cookies produced. The total cost to produce 50 oatmeal cookies is _____

a. $25 b. $20 c. $50 d. $60