To an economist, the word 'marginal' means:

The figure above shows the costs for a grower in the perfectly competitive turnip industry. If the price is $1,400 for a ton of turnips, the firm is

A) making an economic profit. B) making zero economic profit. C) incurring an economic loss. D) More information is needed to determine if the firm is making a positive economic profit, zero economic profit, or incurring an economic loss.

The unregulated, single-price monopolist illustrated in the figure above has a total cost of

A) $8.00 per day. B) $16.00 per day. C) $32.00 per day. D) $40.00 per day.