Product demand is more elastic the longer the time period under consideration.

If a country produces only two goods, it is possible to have a comparative advantage in the production of both those goods

Indicate whether the statement is true or false

The profit-maximizing monopolist, faced with a negative-sloping demand curve, will always produce:

a. at an output greater than the output where average costs are minimized b. at an output short of that output where average costs are minimized c. at an output equal to industry output under pure competition d. a and c e. none of the above