Number of FigsVCMCAVCFCTCATC0???100??19090????2?????1353??80???4????400?Table 5.4 presents the cost schedule for David's Figs. If David produces zero figs, David's total costs are:

The law of diminishing return does not apply to a firm in the long run because in this phase:

a. all the factors of production are fixed. b. there are no fixed factors of production. c. there are some fixed and some variable factors of production. d. the producer is required to produce a fixed level of output. e. the producer can change the level of output only by changing the variable factors, fixed factors remaining unchanged.

A country's trade balance equals:

A. the value of tariffs less the number of quotas. B. the number of quotas less the value of tariffs. C. the value of imports minus the value of exports. D. the value of exports minus the value of imports.