A firm's accounting profit is called a normal profit when its:
a. accounting profit is equal to zero.
b. economic profit is equal to zero.
c. opportunity cost is equal to zero.
d. average cost is minimum.
e. economic profit is equal to accounting profit.
b
Economics
You might also like to view...
The more elastic the demand, the less consumers will respond to a change in price
a. True b. False Indicate whether the statement is true or false
Economics
Developing countries have different institutional priorities than developed countries for all of the following reasons except that they:
A. have weaker financial institutions than developed countries. B. lack the institutional ability to collect taxes, unlike developed countries. C. have more socially-minded leaders than developed countries. D. have dual economies, unlike developed countries.
Economics