An increase in the number of producers of gruel ________ the supply of gruel and shifts the supply curve of gruel ________

The figure above shows a typical perfectly competitive corn farm, whose marginal cost curve is MC and average total cost curve is ATC

Assuming there are no changes in technology, in the long run the lowest possible price for corn is ________ per bushel. A) $2.50 B) $2.00 C) $3.00 D) $3.50

An economic profit of zero indicates a satisfactory situation for the firm

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