Normal profits are profits in excess of both implicit and explicit costs.
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Q223: Any business decision should take sunk costs
Q224: Sunk costs can also be explicit costs.
Q225: Toyota spent over $1 billion to develop
Q227: A firm earns normal profit when accounting
Q228: An economic profit is any profit earned
Q229: Economic profit is larger than accounting profit.
Q230: The difference between economic profit and accounting
Q231: If a firm incurs an economic loss,
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