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Doctors Medicines MCQs Q&A

  1. Normal profit
  2. Implicit costs
  3. Explicit costs
  4. Variable costs
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1 Answers

Answer: Option 1

A firm earns economic profit when total profit exceeds Normal profit. Economic profit is the profitability measurement that calculates the amount that revenues received from selling a product exceeds opportunity costs incurred from using resources to make and sell these products.

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