The demand curve facing a perfectly competitive firm is

When producing at a production efficient point, ________

A) our choice of the goods can be either on or within the production possibilities frontier B) we can satisfy our all wants C) the opportunity cost of another good is zero D) we face a tradeoff and incur an opportunity cost

Suppose a firm is considering producing zero units of output. We call this exiting an industry in the short run and shutting down in the long run

a. True b. False Indicate whether the statement is true or false