Use the following to answer questions: 
-(Table: Total Cost for a Perfectly Competitive Firm) Look at the table Total Cost for a Perfectly Competitive Firm. The firm will produce at a profit in the short run if the price is at least:
Definitions:
Net Income
Net income, also known as net profit, is the amount of earnings that remain after deducting all costs and expenses from total revenue.
Gross Profit
Represents the difference between a company's revenue from sales and its cost of goods sold, before deducting overhead, payroll, taxation, and interest payments.
Perpetual Inventory System
An approach in accounting where the transaction of buying or selling inventory is instantly documented through computerized point-of-sale systems and software for enterprise asset management.
Credit Memo
A document issued by a seller to a buyer, reducing the amount owed by the buyer under specified circumstances, like returns or discounts.
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Q348: A perfectly competitive firm's supply curve is
Q354: (Figure: The Profit-Maximizing Firm in the Short