What is Normal Profit? A. Normal Profit is equal to the Reasonable Rate of Return forthe market.
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What is Normal Profit?
A. Normal Profit is equal to the “Reasonable Rate of Return” forthe market.
B. Normal Profit is equal to the highest “opportunity cost”available to the producer even if that profit level is above the“Reasonable Rate of Return” for the market
C. Economic Profit is Normal Profit minus what profit would havebeen at the highest opportunity cost. Economic Profit can beabove, below or equal to Normal Profit
D. Both A and C
Related Book For
Introduction To Statistical Investigations
ISBN: 9781118172148
1st Edition
Authors: Beth L.Chance, George W.Cobb, Allan J.Rossman Nathan Tintle, Todd Swanson Soma Roy
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