If a firm's products are desirable, economic profits can exceed normal profits.

Name: If a firm's products are desirable, economic profits can exceed normal profits.
Brand: Quizplus
Rating: 4.8 (50 reviews)

Question

Quizplus · Accepted Answer

Economic profits exceed normal profits when a firm's total revenues are greater than its total costs, including both explicit and implicit costs. If a firm's products are desirable, it can lead to higher sales and revenues, potentially resulting in economic profits that exceed normal profits.

If a Firm's Products Are Desirable, Economic Profits Can Exceed