In order to earn an economic profit, a firm needs to charge a price in excess of

Name: In order to earn an economic profit, a firm needs to charge a price in excess of
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Economic profit is made when a firm charges a price in excess of economic average cost, which takes into account both explicit and implicit costs. Accounting average cost only considers explicit costs, normal average cost only considers variable costs, and long-run fixed costs are a sunk cost and don't affect current pricing decisions.

In Order to Earn an Economic Profit, a Firm Needs