The demand curve for labor is negatively sloped only because the firm must lower its price if it wishes to sell more output

Total revenue equals

A) price per unit times quantity sold. B) change in price per unit times quantity sold. C) price per unit times quantity supplied. D) price per unit times change in quantity sold.

In the long run, nominal wages and prices are completely flexible and therefore in the long run, the aggregate price level has no effect on the quantity of aggregate output supplied.

Indicate whether the statement is true or false.