An economic profit of zero implies:
A) normal profit.
B) the firm is covering both explicit and implicit costs.
C) the firm's revenues are sufficient to compensate the money and time that the owners put into the business.
D) all of the above
E) none of the above
Correct Answer:
Verified
Q30: An example of an implicit cost of
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Q41: The short run is that period in
Q44: The short run is not the same
Q45: When a firm makes zero economic profit,
Q48: Economic profits will exist:
A)whenever total revenues exceed
Q51: Which of the following observations is true?
A)
Q58: The long-run production period:
A) is a time
Q121: Economic profits are:
A) less than accounting profits
Q145: The long run:
A) is a period long
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