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

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5 Terms

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positive economic profit
A(n) ________ means that the current utilization of resources is the most efficient.
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Firms
________ can modify the quantity of any input over a long enough period of time.
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normal profit
A company that makes a(n) ________ is considered to be successful.
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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.
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negative economic profit
A(n) ________ shows that resources could be better used in another way.