Suppose the cost data below are for Shopify. a firm based in Waterloo, Ontario that is in an industry characterized by perfect competion. The marginal cost of the second unit of output: Total Total Total Total Product fixed varlable cost cst Cost $50 $0 $50 120 170 200 1 50 70 50 120 50 150 4 50 220 270 5 50 300 350 50 390 440 Multiple Cholce Is $50. Is . Is $20. O O

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.