Refer to the diagram above. At the point marked "m," ___________________. Question 11 options: TR is exactly equal to TC, so profits equal zero price is determining production at a level where P = MC price is above average cost of production the leftover rectangle is the profit earned

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.