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Gemini Student Hub Level up your studying Add class materials to study smarter this school year Quiz yourself Create flashcards Use Guided Learning Your study notebooks + New notebook Biology Get started Set a study goal math Get started Take a quiz physics Get started Set a study goal What are you working on? econ 110 Organize your ideas Group chats by topic and ground on your sources. Study and learn Ask Gemini Econ 110 Midterm Practice Test Question 2 A perfectly competitive firm is producing at an output level where marginal revenue is $20 and marginal cost is $20. At this specific quantity, the firm's average total cost is $25 and its average variable cost is $10. What should the firm do in the short run? A. The firm should increase its output to guarantee a net profit. B. The firm should increase its price to guarantee a net profit. C. The firm should continue operating to minimize total losses. Once clicked, you can D. The firm should shut down immediately to prevent any losses. Back Next 3 of 15 3. Calculate Opportunity Cost for John what does 2 unit of X cost him in terms of Y? For John, the opportunity cost of 1 X is giving up 3 Y (30 Y / 10 X). The opportunity cost of 1 Y is giving up 1/3 X (10 X / 30 Y). 4. Determine Comparative Advantage who has the lower opportunity cost? Good X: Sarah's cost (2 Y) is less than John's cost (3 Y). Sarah has a comparative advantage in Good X. Good Y: John's cost (1/3 X) is less than Sarah's cost (1/2 X). John has a comparative advantage in Good Y. Review what you've learned Check your learning on this topic with a quick quiz. Score at least 80% to unlock a new strength. Let's keep learning Unsure about something? Ask Gemini Ask Gemini Interactive visualizations Gemini Live Higher Usage Limits More Storage Omni Video Generations For eligible students. Offer ends 12/31. Terms apply. Study smarter guys.