Normal profit: Group of answer choices 1is earned when economic profit equals opportunity costs 2is shown in a firm’s financial (accounting) statements 3is a zero economic profit 4is earned when total revenues exceed total costs that include also opportunity costs

Normal profit: Group of answer choices 1is earned when economic profit equals opportunity costs 2is shown in a firm’s financial (accounting) statements 3is a zero economic profit 4is earned when total revenues exceed total costs that include also opportunity costs

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter3: Benefits, Costs, And Decisions

Section: Chapter Questions

Problem 2MC

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Normal profit:

Group of answer choices

1is earned when economic profit equals opportunity costs

2is shown in a firm’s financial (accounting) statements

3is a zero economic profit

4is earned when total revenues exceed total costs that include also opportunity costs

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