Question

Normal profits occur when

Select one:

a. total revenues are greater than explicit and implicit costs.

b. accounting profits are positive.

c economic profits are zero.

d. economic profits are positive.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Economics

Microeconomics

Cost of production

Business Economics

Related Economics Q&A

Find answers to questions asked by students like you.

Q: Exhibit 1 Total Utility for Hamburgers, Fries, and CokesTotal Utility from Hamburgers           Tota...

A:   Quantity Total Utility from Hamburgers (utils) Total Utility from Fries (utils) Total Utility f...

Q: Indicate whether the statement is true, false, or unclear, and justify your answer.Besides the commo...

A: Insurance customers can also use coinsurance, deductibles and monitoring techniques to decrease mora...

Q: P4 AS2 AS, Aggregate output Y Figure 11.3 Refer to Figure 11.3. Hurricane Katrina destroyed a large ...

A: The aggregate supply curve is the summation of all the individual supply curves in the economy. This...

Q: Question 1 Consider the following game. Player 1 has 3 actions (Top, middle,Bottom) and player 2 has...

A: a. If player 2 chooses Left, then with the given actions, player 1 will choose middle. If player 2 ...

Q: 17. At price P1, the firm would produce: Q1 units 6. Q3 units. C Q5 units. d Zero units.

A: 17) Perfect competition is a market structure where there are many firms but none of them are big en...

Q: i need help with these questions macroeco 14

A: The market price is determined solely by the forces of supply of and demand for a good. In a goods m...

Q: the circled numbers are not the answer i need help with filling them in. And the second part too. qu...

A: With decrease in price of the car, supply of car will decrease  This is reflected on the graph by a ...

Q: Assume that our world consists of only two countries: the United States and the Rest of the World (R...

A: US opportunity cost of producing 1 computer and in US can be calculated as follows: Thus, the oppor...

Q: 18 IV 16 III 14 E 12 %3D 10 8 4. 0246810 12 14 16 18 20 22 24 26 2830 32 34 Quantity 32. The margina...

A: The additional cot of producing one more unit of output is called  the marginal cost (MC).