Institutionalized adults are not considered to be a part of the labor force by the Bureau of Labor Statistics

A positive supply shock causes a leftward shift in the SRAS curve

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

If an industry's long-run average total cost curve has an extended range of constant returns to scale, this implies that:

A. technology precludes both economies and diseconomies of scale. B. the industry will be a natural monopoly. C. both relatively small and relatively large firms can be viable in the industry. D. the industry will be comprised of a very large number of small firms.