Land, labor, and capital are examples of factors of production

If all countries specialize in producing goods for which they have a comparative advantage, then total world output will be lower

Indicate whether the statement is true or false

If a perfectly competitive firm has economic profits greater than zero, then we know that

A) the firm's industry is not in long-run equilibrium. B) the firm's industry is in long-run equilibrium. C) the firm is producing at the bottom of the average total cost curve. D) the firm will reduce output.