the difference between economic profits and normal profits is that:

a .normal profits are earnings based on the normal competitive payments to the factors used in production; economic profits are the above-normal returns associated with prices that exceed competitive prices.

b.economic profits are earnings based on the normal competitive payments to the factors used in production; normal profits are the above-normal returns associated with prices that exceed competitive prices

c..normal profits are earnings based on the normal competitive payments to the factors used in production; economic profits are the above-normal returns associated with prices that exceed monopolistic prices.

d.economic profits are earnings based on the non-competitive payments to the factors used in production; normal profits are the above-normal returns associated with prices that exceed competitive price

e. none of these answer is correct