What is normal profit and in what way is economic profit different from accounting profit?
Question
Solution 1
Normal profit is a component of (implicit) costs, and not a component of business profit at all. It represents the opportunity cost of using the entrepreneur’s time and resources in one particular business, relative to the returns from different uses of the entrepreneur’s time and resources. In othe Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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