While opportunity cost is subjective, in some circumstances the money paid for goods and services is a good approximation of their opportunity cost

A perfectly competitive firm will not earn an economic profit in the long run, because

A) it is a "price-maker." B) it faces a perfectly inelastic demand curve. C) there are no barriers to entry into the industry. D) it produces differentiated products.

The quantity of RGDP supplied will decrease in both the short run and long run when the price level falls

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