A natural monopoly occurs when a single firm can produce the entire output of the market at a lower average cost than could many firms.
Answer the following statement true (T) or false (F)
True
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Resources are items that a society uses to create goods and services
Indicate whether the statement is true or false
The implicit rental rate for capital includes the
A) total value of a piece of capital equipment. B) interest income forgone by purchasing the piece of capital equipment. C) firm's normal profit. D) amount paid for the use of a piece of capital equipment owned by someone else.
Were it not for our trade surplus of ___________ the U.S. balance of trade would be even larger.
Fill in the blank(s) with the appropriate word(s).
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C