Graphically, a firm's profit is the area of marginal revenue minus the area of marginal cost

The opportunity cost of attending college is likely to include all except which of the following?

a. the cost of required textbooks b. tuition fees c. the income you forego in order to attend classes d. the cost of haircuts received during the school term

Under perfect competition and monopolistic competition, profits are zero in long-run equilibrium

a. True b. False Indicate whether the statement is true or false