Normal profit is a term for
a. explicit profit.
b. the competitive rate of return.
c. the accounting profit forgone.
d. pure economic profit.
B
Economics
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The liquidity approach to measuring money stresses the role of money as a
A) temporary store of value. B) medium of exchange. C) unit of accounting. D) standard of deferred payment.
Economics
The shorter is the interval between firms' price adjustments,
A) a given unexpected increase in aggregate demand will cause a larger increase in output. B) the greater is the scope for activist policies to stabilize the economy. C) the smaller is the scope for activist policies to stabilize the economy. D) a given unexpected increase in aggregate demand will cause a smaller increase in the price level in the short run.
Economics