Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

A price floor is the ________

A) maximum willingness to pay for a good B) minimum price that a seller accepts for a good C) lower limit on the price of a good D) upper limit on the price of a good

Using average cost pricing to regulate a natural monopoly creates a deadweight loss

Indicate whether the statement is true or false