In the long-run, both perfectly competitive and monopolistically competitive firms will produce at minimum average cost

Use the following statements to answer this question. I. To maximize profit, a firm will advertise more when the advertising elasticity is larger. II. To maximize profit, a firm will advertise more when the price elasticity of demand is smaller

A) Both I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) Both I and II are false.

The consumption function is the relation between consumption and production

Indicate whether the statement is true or false