A company is insolvent when the value of its liabilities exceeds the value of its assets.

If nominal GDP of a country increased and real GDP remained unchanged in a particular year, which of the following is most likely to have taken place?

a. Output increased and the price level increased b. Output increased and the price level decreased c. Output remained constant and the price level increased d. Output decreased and the price level decreased e. Output increased and the price level remained constant

Entry of new firms into a monopolistically competitive market causes a(n)

A. decrease in the existing firms' demand curves. B. increase in the existing firms' demand curves. C. decrease in the existing firms' cost curves. D. increase in the existing firms' cost curves.