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QUESTION 1 Classify the following statement as true or false

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QUESTION 1 Classify the following statement as true or false. Justify the answer. The justification is more important than the classification In the perfectly competitive market for surgical masks, demand has increased in the short run, while neither the technology used for their production nor the price of labor (the only input variable in the short run) have changed. If the technology is characterized by decreasing marginal returns of labor, then the equilibrium price of surgical masks must have increased.

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Which of the following is one of the features of the social indifference curve? Please choose one a. Show the same balance level b. Show the same level of benefit c. Show the same price level D. Show the same production level to. Show the same cost level