The above figure shows the market for apples. If apple farmers convince the government to set a minimum price of $4 per pound, then

Why is it important to distinguish between explicit and implicit costs?

Please provide the best answer for the statement.

Answer the following questions true (T) or false (F)

1. For a perfectly competitive firm, average revenue equals marginal cost at the profit-maximizing output. 2. A perfectly competitive firm breaks even at a price equal to its minimum average total cost. 3. Maximizing average profit is equivalent to maximizing total profit.