In the short run, the firm makes zero economic profit when the price is ________ minimum average total cost, makes an economic profit when the price is ________ minimum average total cost, and incurs an economic loss when the price is ________

If the price of inputs rises and personal income taxes rise:

a. Price index rises, and real GDP falls. b. Price index rises, and the change in real GDP is uncertain. c. The change in price index is uncertain, and real GDP falls. d. Price index falls, and real GDP rises. e. Price index falls, and real GDP falls.

Supply will become more elastic when

A. there are good substitutes for the goods. B. a time period lengthens. C. the good is important to consumers. D. the time period shortens.