Refer to Table 9-1. If the market price is $500, what is the maximum economic profit per month the Tuckers can earn?

A) −$50
B) zero
C) $50
D) $100

Economic Profit

The difference between total revenues and total costs, including both explicit and implicit costs, representing excess returns over the firm's opportunity costs.

Competitive Market

A market structure characterized by many buyers and sellers, where no single entity can dictate prices, leading to optimal resource allocation.