An adverse supply shock generally decreases the price level and real GDP.

The elasticity of demand for a particular perfectly competitive firm's output is positively related to the number of firms supplying the market

Indicate whether the statement is true or false

Each point of a firm's supply curve represents a price-quantity pair where:

A. MC = MR. B. MC = ATC. C. P = min AVC. D. P = min ATC.