Use the following to answer questions:
Figure: A Perfectly Competitive Firm in the Short Run 
-(Figure: A Perfectly Competitive Firm in the Short Run) Look at the figure A Perfectly Competitive Firm in the Short Run. If the market price is G, the firm's total cost of producing its most profitable level of output is:
Definitions:
Accounting Profit
The difference between the total revenue and explicit costs of a firm, not accounting for implicit costs.
Economic Profit
The variance between a company's overall incomes and its combined explicit and implicit expenses.
Implicit Costs
The opportunity costs of using resources owned by the firm for its operations instead of renting, selling, or utilizing them in other ways.
Implicit Costs
The opportunity costs of using resources that a firm already owns, typically non-out-of-pocket costs.
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