In line (1) on the above graph, the variables x and y are:
Definitions:
Cost
The amount of money or resources spent in the production of goods and services.
Economic Profits
The gap between the overall earnings and combined expenditures, taking into account both overt and hidden costs.
Competitive Markets
Markets in which there are many buyers and sellers, so no single buyer or seller can influence the price.
Profit Maximizing
The process by which a company or individual adjusts production and sales to achieve the highest possible profit with the least amount of wastage or expense.
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