Subsistence production is

Classical economists

a. argued that the money supply determined aggregate demand. b. regarded monetary policy as unimportant since the quantity of money does not determine the price level. c. believed that the quantity of money influences interest rates and real wages. d. believed that prices would increase more than proportionate to an increase in the money supply.

Assume that a rise in petroleum prices increases the cost of milk transportation from the dairies to the market. We can expect the long-run supply curve in this industry to shift downward

Indicate whether the statement is true or false