Figure 14-3
Suppose a firm operating in a competitive market has the following cost curves: 
-Refer to Figure 14-3. If the market price is $6, what is the firm's short-run economic profit?
Definitions:
Money Supply
The total amount of monetary assets available in an economy at a specific time, including currency and various types of deposits.
Fisher Effect
The economic theory proposing that the real interest rate is independent of monetary measures, especially the nominal interest rate and the expected inflation rate.
Real Interest Rate
The rate of interest an investor expects to receive after allowing for inflation, showing the real gain of an investment.
After-tax Real Rate
The actual income rate of return on an investment, after accounting for inflation and taxes.
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