Which of the Following Is Not True with Regard to Economic

question 4

Multiple Choice

Which of the following is not true with regard to economic profit?

• A)economic profit equals total revenue minus total cost
• B)economic profit excludes implicit cost
• C)economic profit is any profit greater than a normal profit
• D)firms attempt to maximize economic profit
• E)long-run economic profit is always zero in perfect competition

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Definitions:

Rationalization

A psychological strategy where disputable actions or emotions are rationalized in an apparently logical way to evade the actual reasoning.

Depot Antipsychotic

Long-acting injectable antipsychotic medications used in the treatment of schizophrenia and other disorders, providing steady medication levels.

Delusional

A condition in which a person holds beliefs firmly despite them being contradicted by reality or rational argument, typically owing to a mental disorder.

Shelter

A place offering temporary accommodation to those in need, such as homeless individuals or victims of domestic violence.