If the marginal cost were $12, how many units of output would this firm produce?

Which of the following is true of a price level increase in an economy?

a. When the price level increases, the purchasing power of money increases b. When the price level increases, the purchasing power of money decreases. c. When the price level increases, the purchasing power of money remains unchanged. d. When the price level increases, the purchasing power of money either increases or decreases, depending upon the size of the national debt. e. When the price level increases, the purchasing power of money either increases or decreases, depending upon the level of government expenditures.

Marginal physical product measures the increase in total output that results from a one-unit increase in an input.

Answer the following statement true (T) or false (F)