Refer to the cost table below. The firm will produce its output only if the price is at least equal to what minimum level?

Suppose that you own a house. What is the opportunity cost of living in the house?

A) The opportunity cost is the rent you could have received from a tenant if you didn't live there. B) There is no opportunity cost unless you could set up a business in the house. C) There is no opportunity cost because you own the house. D) The opportunity cost is the cost of your monthly mortgage payment plus bills.

_____________is the extra output or change in the total product caused by the addition of one more unit of variable output.

Fill in the blank(s) with the appropriate word(s).