The level of profit that occurs when the total revenue is to the total cost is known as normal profit.
Question
Solution 1
The statement you provided is correct. Normal profit occurs when a firm's total revenue equals its total cost. In this scenario, the business is covering all its expenses, including the opportunity costs of capital and labor.
Explanation:
- Definition of Normal Profit: Normal profit is co Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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