The first economist to point out the importance of specialization of labor was

Suppose the price of water rose sharply. Other things constant, what is the least likely to occur?

A) People will consume less water. B) Fewer swimming pools will be filled with water. C) More high-pressure showerheads will be sold. D) The demand for water will fall.

Erbia can produce both corn and wheat using fewer inputs than Glassen; however, Glassen can produce corn at a lower opportunity cost than Erbia. Therefore, we can conclude that Glassen has a comparative advantage in wheat production

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