Refer to the table below. A technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price. As a result of this technological change, equilibrium output in this market:

An expansion path shows

A) the level of sales necessary for a firm if it wants to expand. B) the level of long-run average cost at different scales of operation. C) the returns to scale at each level of output. D) the least-cost combination of inputs for each level of output.

What is the difference between economic and accounting profit? Why is a distinction between them important?