A Firm Which Earns Normal Profit

question 76

Multiple Choice

A firm which earns normal profit:

• A) is covering all its costs including the opportunity costs of being in business
• B) is covering the opportunity costs of being in business, but not its input costs
• C) is covering the cost of its inputs, but not the opportunity costs of being in business
• D) is covering neither the opportunity costs of being in business nor its input costs

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Definitions:

Development

The process of growth, progress, or evolution, often referring to economic, social, or personal advancement.

Basics of HRM

Fundamental principles and practices of Human Resource Management, which include recruitment, training, development, compensation, and performance management of employees.

HR Responsibilities

The duties and functions performed by the human resources department, including staffing, training and development, employee relations, and compliance with labor laws.

Administering Pay

The process of managing and dispersing salary and wages to employees within an organization.