Which of the following journal entries is recorded correctly and in the basic format? 
Definitions:
Economic Profit
The surplus obtained from total revenues minus both explicit (out-of-pocket) and implicit (opportunity) costs of all resources employed.
Competitive Firm
A company that operates in a market with many buyers and sellers, where no single entity can influence prices on its own.
Optimal Output
The level of production that maximizes a firm's profit, determined by the point where marginal cost equals marginal revenue.
Cost Curves
Graphs that show the relationship between the cost of producing a good or service and the output level.
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