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If a firm’s total cost, including opportunity costs, equals total revenue, then economic profit

The short run is a

Table 1.1 Total Output (Q) Total Cost (TC) 0 1 2 3 4 5 6 7 8 1,000 2,000 2,800 3,500 4,000 4,500 5,200 6,000 7,000 Refer to Table 1.1. Average total cost (ATC) at 8 units of output is $___

The law stating that added quantities of a variable resource will eventually result in less additional output is called the

If the total cost of producing 5 units is $138 and the total cost of producing 6 units is $245, what is the marginal cost of producing the sixth unit?

Table 1.2 Total Output Total Cost 10 20 30 40 50 60 70  2,000 2,900 3,700 4,400 5,000 6,200 6,000   Refer to Table 1.2. Marginal cost (MC) of the 40th unit of output is $___

When a firm makes ____ profit, this sends a signal to others. More competitors would enter the business, increasing supply and driving prices ____.

Table 1.1 Total Output (Q) Total Cost (TC) 0 1 2 3 4 5 6 7 8 1,000 2,000 2,800 3,500 4,000 4,500 5,200 6,000 7,000 Refer to Table 1.1. Marginal cost (MC) of the sixth unit of output is $___

Accountants refer to zero economic profit as

After hiring three new employees, a manager sees that total output increases. If the manager hires two additional employees and discovers total output has fallen, the result is due to