If a firm earns normal profit, then it has generated revenues a. sufficient to c

Question

1. If a firm earns normal profit, then it has generated revenues a. sufficient to cover explicit costs, but not implicit costs. b. greater than total opportunity costs. c. sufficient to cover implicit costs, but not explicit costs. d. equal to the sum of implicit and explicit costs.

If a firm earns normal profit, then it has generated revenues a. sufficient to cover explicit costs, but not implicit costs. b. greater than total opportunity costs. c. sufficient to cover implicit costs, but not explicit costs. d. equal to the sum of implicit and explicit costs. If a firm earns normal profit, then it has generated revenues sufficient to cover explicit costs, but not implicit costs. greater than total opportunity costs. sufficient to cover implicit costs, but not explicit costs. equal to the sum of implicit and explicit costs. a. sufficient to cover explicit costs, but not implicit costs. b. greater than total opportunity costs. c. sufficient to cover implicit costs, but not explicit costs. d. equal to the sum of implicit and explicit costs.

Explanation / Answer

If a firm earns normal profit, then it has generated revenues

d.equal to the sum of implicit and explicit costs.

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