Harry's Hookahs incurs $700,000 per year in explicit costs and $500,000 in implicit costs. The company earns $1.4 million in revenues and has $3.7 million in net worth. Based on this information, what is the accounting profit for Harry's Hookas?

Assume that price is greater than average variable cost. If a perfectly competitive firm is producing at an output where price is $114 and the marginal cost is $102, then the firm is probably producing more than its profit-maximizing quantity

Indicate whether the statement is true or false

If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then maximum profit

A) equals $336. B) equals $882. C) equals $1,218. D) cannot be determined solely from the information provided.