The competitive firm maximizes profit when it produces output up to the point where

Pete owns a shoe-shine business. His accountant most likely includes which of the following costs on his financial statements?

For a certain firm, the 100th unit of output that the firm produces has a marginal revenue of $11 and a marginal cost of $10. It follows that the

Use the following information to answer question. Madelyn owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for $100 each. It costs Madelyn $20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested $100,000 in her factory and equipment: $50,000 from her savings and $50,000 borrowed at 10 percent (assume that she could have loaned her money out at 10 percent, too). Madelyn can work at a competing pottery factory for $40,000 per year.

The accounting profit at Madelyn's pottery factory is

The efficient scale of production is the quantity of output that minimizes

An example of an explicit cost of production would be the

If there are implicit costs of production,

A grocery store should close at night if the

In long-run equilibrium in a competitive market, firms are operating at

Which of the following is not a characteristic of a competitive market?