Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market in which firms are breaking even, economically, organic produce is considered a normal good, and the average income level of consumers is rising?

If capacity utilization by businesses remains constant, investment spending is likely to be the most volatile component of aggregate expenditures in the United States

a. True b. False Indicate whether the statement is true or false

When a supply curve is relatively flat,

a. sellers are not very responsive to changes in price. b. supply is relatively inelastic. c. supply is relatively elastic. d. Both a and b are correct.