Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 25 cents, then at this firm's profit maximizing level of output, the firm will earn an economic ________ of ________ per day. 
Definitions:
National Government
The organization through which a nation exercises its authority, conducts its governance, and implements policies over its citizens.
Separation of Powers
The division of governmental authority into distinct branches (legislative, executive, and judicial) to prevent abuse of power.
International Law
A set of rules and agreements that govern the relations and conduct of nations, organizations, and individuals across global boundaries.
National Law
The body of laws and regulations that are enacted by a country’s legislative body and applied within its borders.
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