Normal profit is Multiple Choice O O O determined by subtracting implicit costs from total revenue. determined by subtracting explicit costs from total revenue. the return to the entrepreneur when economic profits are zero. the average profitability of an industry over the preceding 10 years.

Normal profit is Multiple Choice O O O determined by subtracting implicit costs from total revenue. determined by subtracting explicit costs from total revenue. the return to the entrepreneur when economic profits are zero. the average profitability of an industry over the preceding 10 years.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Increaseing marginal returns means that as the firm expands its output, its: OPTIONS long-run average total cost decreases. long-run average total cost increases. short-run average total cost decreases. short-run average total cost increases.
If a firm's marginal revenue is below its marginal cost, an increase in production will usually: a. increase profits b. leave profits unchanged c. decrease profits d. increase marginal revenue
Please see the attached7
A firm in a purely competitve industry has a typical cost structure. The normal rate of profit in the economy is 7 percent . This firm is earning $15 on every $150 investe by its founders. a. What is its percentage rate of return? b. is the firm earning an economic profit? If so, how large?
In economics, small incremental changes or adjustments are identified as _____. profit revenue marginal cost
Question 10 please solve
AVC, ATC, MC 30 20 10 0 1 2 3 8 9 10 11 12 13 14 Output per period The Competitive Industry and Firm Select one: ATC Refer to the graph above to answer this question. What is the value of total revenue at the breakeven price?. A. $100. AVC OB. $40. OC. $210. OD. $280. E. $200.
True or False
Chris The use of fixed cost items to magnify the firm's results Correct! What are some uses for break-even analysis? Select all that apply, then click Submit below To see how much the changes in cost affect variable costs. To see how much the changes in volume affect cost and profit. To determine the magnitude of operations necessary to avoid loss. To figure out the most efficient level of fixed costs for the firm. To figure out the most inefficient way to make profit. To figure out the operating leverage. Submit
Suppose a firm's marginal cost is increasing as it produces more output. Then the firm is said to be experiencing which of the following? a.increasing returns to scale b.diminishing returns to scale c.losses d.profit