If the long-run industry supply curve in a perfectly competitive market slopes upward, then very likely input prices will ____ as industry output expands

Refer to the scenario above. If Frank discounts delayed utilities with a weight of 1/4, then which of the following statements is true?

A) He will consume both hotdogs and ice cream. B) He will avoid consuming both hotdogs and ice cream. C) He will consume ice cream but will avoid consuming hotdogs. D) He will consume hotdogs but will avoid consuming ice cream.

Inflation over time necessarily makes consumers worse off

Indicate whether the statement is true or false