Normal profit is defined as:

Name: Normal profit is defined as:
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Question

Normal profit is defined as:​

Quizplus · Accepted Answer

Normal profit is the minimum amount of profit required to cover the opportunity costs of the resources used in the production process. It is also known as economic profit, which is equal to total revenue minus the opportunity cost of all the resources used. Unlike accounting profit, which only takes into account explicit costs, economic profit also considers implicit costs, including the value of foregone alternatives.

Normal Profit Is Defined As:​

Normal Profit Is Defined As: