Suppose that a single-price monopolist knows the following information: 
The total profit being earned by this firm at the current level of output is ________ which ________ the maximum profit possible.
Definitions:
Aging Process
A method used in accounting to categorize accounts receivable according to the length of time an invoice has been outstanding.
Accounts Receivable
Funds that are expected to be received by a company from its customers who have purchased goods or services on credit, essentially representing a line of credit extended by the business and recorded as an asset.
Income Statement Approach
The Income Statement Approach is a method used in accounting to create the income statement by focusing on revenues, expenses, and income to determine the net profit or loss for a period.
Direct Write Off Method
A method to account for bad debts by directly writing off specific invoices determined to be uncollectible.
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