The long-run aggregate supply curve is upward sloping. ...

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The long-run aggregate supply curve is upward sloping.
 
  Indicate whether the statement is true or false

Question 2

In the above figure, if the price is 12, a profit-maximizing perfectly competitive firm will have an economic profit
 
  A) of less than 100 but more than 0.
  B) of more than 100.
  C) that is negative, that is, it will have an economic loss.
  D) of zero, that is, it will break even with a normal profit.

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Answer to Question 1

FALSE

Answer to Question 2

D