Holding other things constant, increases in the price level in the US will
a. Cause the dollar to gain value
b. Cause the dollar to lose value
c. Does not affect the dollar value
d. None of the above
Question 2
Which of the following is true with regards to a long-run cost function?
a. The shape of the firm's long-run cost function is important in decisions to expand the scale of operations
b. The long-run average cost curve is U-shaped
c. The long-run average cost curve is flatter than the short-run average cost curve.
d. The curve consists of the lower boundary of all the short-run cost curves
e. All of the above
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