If the price were $5, how much would the firm's output be in the short run?

The principle of comparative advantage states that a country should specialize in the production of those goods that have the highest opportunity costs

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

Suppose total cost is $1,000 when output is zero, $1,200 when output is one, and $1,500 when output is two, then which of the following is true?

a. Average total cost is $500 when two units of output are produced. b. Total fixed cost is $1,500. c. The marginal cost of producing the first unit of output is $1,200. d. The marginal cost of producing the second unit of output is $300.