Chapter 10 - Behind the Supply Curve Profit, Production, and Costs

positive economic profit

positive economic profit

A(n) ________ means that the current utilization of resources is the most efficient.

Firms

________ can modify the quantity of any input over a long enough period of time.

normal profit

A company that makes a(n) ________ is considered to be successful.

optimal output rule

The ________ asserts that profit is maximized by generating the amount at which the marginal revenue of the last unit produced equals its marginal cost.

negative economic profit

A(n) ________ shows that resources could be better used in another way.