What term is used to describe situations where countries specialize in and trade different varieties of the same type of product?

Suppose that apartments rent for $1,300 a month in San Francisco, California and $850 a month in Los Angeles, California. If the state of California passes a state-wide rent ceiling for apartments of $1,100 a month, what occurs in the two cities?

What will be an ideal response?

The marginal cost curve is U-shaped because of the law of increasing opportunity costs

Indicate whether the statement is true or false