What is always TRUE about the short-run equilibrium position for a firm in perfect competition?

In an entry game, managers to look into the ________ and work ________.

A) past; forward B) past; backward C) future; backward D) future; forward

Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Mike should specialize in producing

A. cars. B. neither cheese nor cars. C. both cheese and cars. D. cheese.