The term $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product.

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Group of answer choices

price setter

business entity

price taker

trend setter

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Group of answer choices

accounting profit; excluding opportunity cost

accounting profit; including opportunity cost

economic profit; excluding opportunity cost

opportunity cost; including economic profit

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Group of answer choices

excluding its opportunity costs.

including its opportunity costs.

including its marginal revenue.

excluding its marginal revenue.

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Group of answer choices

long run; the quantity of output where profits are highest

short run; profits by ignoring the concept of total cost analysis

short run; the quantity of output where profits are highest

long run; methods to reduce production and shut down

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Group of answer choices

$6\%$ of output

$10\%$ of output

$12\%$ of output

$8\%$ of output

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Q

P

TC

TR

MR

MC

Profit

$0$

$$5$

$$9$

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$$

$$

$$

$1$

$$5$

$$10$

$$

$$

$$

$$

$2$

$$5$

$$12$

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$$

$$

$$

$3$

$$5$

$$15$

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$$

$$

$$

$4$

$$5$

$$19$

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$$

$$

$$

$5$

$$5$

$$24$

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$$

$$

$$

$6$

$$5$

$$30$

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$$

$$

$$

$7$

$$5$

$$45$

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$$

$$

$$

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Group of answer choices

$$35\mathrm{.}00$

$$4\mathrm{.}00$

$$36\mathrm{.}00$

$$9\mathrm{.}00$

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Group of answer choices

extreme realism

hypothetical assumption.

hypothetical extreme.

realistic assumption.