An increasing cost industry is one in which per unit cost increases as output expands in the long run

According to the equation of exchange, if the quantity of money is $20 billion, velocity 3, and real GDP is $6 billion, then the price level is

A) 10. B) 1.1. C) 2. D) 1.6. E) 40.

Suppose there is an increase in the short-run aggregate supply with no change in the long-run aggregate supply. This situation could be the result of

A) an increase in the price of oil. B) a decrease in the money wage rate. C) a technological advancement. D) an increase in the quantity of capital.