If the total cost of production for 1000 widgets is $2000 and marginal cost is constant at $1, what is the average cost if 2000 widgets are produced?

In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers its

A) implicit costs. B) fixed costs. C) explicit costs plus its implicit costs. D) explicit costs.

Dumping refers to selling a commodity abroad at a price that is below its cost of production or below the price charged in the domestic market

a. True b. False