Your aunt is thinking about opening a hardware store.

She estimates that it would

cost $500,000 per year to rent the location and buy the stock. In addition, she
would have to quit her $50,000 per year job as an accountant. The implicit cost/s
that your aunt can incur is/are: *

foregone rental value and foregone wages

foregone rental value, foregone interest income, foregone wages
foregone wages.
foregone interest income and foregone wages
When the firm generates sales that is enough to cover its costs the firm is
experiencing *

break-even
both A and C above
zero profit.
losses.
Economic profit is frequently *

greater than total revenue

less than accounting profit.
irrelevant to the owner of a firm who is concerned instead with accounting
profits.
defined as total revenue minus total fixed cost.
The average variable cost curve and average total cost curve tend to converge as
output rises because *

the difference between them (average fixed cost) declines.

the average fixed costs are constant as output rises.
the marginal cost curve intersects the average total cost curve at its minimum.
output is rising more rapidly than inputs are being increased.
The MC curve must be *

rising when TC is rising.

greater than ATC when the average curve is rising.
less than AFC when the average cost is rising
falling when the ATC curve lies below the marginal curve
.