A firm earns normal profit Selected Answer: c. when explicit costs equal implicit costs. Answers: a. when accounting profit equals explicit costs. b. when economic profit equals implicit costs. c. when explicit costs equal implicit costs. d. when economic profit equals explicit costs. e. when accounting profit is less than implicit costs.
A firm earns normal profit Selected Answer: c. when explicit costs equal implicit costs. Answers: a. when accounting profit equals explicit costs. b. when economic profit equals implicit costs. c. when explicit costs equal implicit costs. d. when economic profit equals explicit costs. e. when accounting profit is less than implicit costs.
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 9SQP
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