Normal profits occur when:
A) accounting profits are positive.
B) economic profits are positive.
C) economic profits are zero.
D) total revenues are greater than explicit and implicit costs.
Correct Answer:
Verified
Q2: Which of the following would not be
Q3: It is always true that:
A)accounting profits are
Q4: Chris was the business manager for a
Q5: The economic theory of business behavior assumes
Q6: Adam Smith coined the term "invisible hand"
Q8: Economic profits are:
A)the same as accounting profits.
B)equal
Q9: If you were to start your own
Q10: Curly told Larry about his new business
Q11: Explicit costs:
A)measure the opportunity costs of the
Q12: Implicit costs:
A)are always fixed.
B)measure the forgone opportunities
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