Lizzie's budget line is shown in the figure above. If Lizzie's income is $20, which of the following formulas represents her budget equation?

Buying a product in one market and reselling it in another market at a higher price is referred to as

A) arbitrage. B) purchasing power parity. C) crowding in. D) barter.

If firms in a competitive market are identical, the long-run market supply curve is horizontal

Indicate whether the statement is true or false