If price of a good rises, what happens to the demand for that good, all other things held constant?

A monopoly whose monopoly power is based on its exclusive access to a resource is always threatened by the possibility of

a. technological change b. patents c. economies of scale in production d. new firms entering the industry e. its position as a natural monopoly

The GDP of country A may be higher than that of country B because the workers in country A work more hours per week than workers in country B

Indicate whether the statement is true or false