Normal Economic Pro?ts Are

question 60

Multiple Choice

Normal economic pro?ts are:

• A) the same as positive accounting pro?ts.
• B) the average rate of return which can be gained in the economy.
• C) positive for a competitive ?rm in the long run.
• D) revenues less raw material costs, wages and depreciation.

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Definitions:

Emmetropic

Emmetropic refers to the normal condition of the eye wherein light focuses directly on the retina, resulting in perfect vision without the need for corrective lenses.

Myopia

A vision condition where close objects appear clear but distant objects are blurry, due to the eye's shape causing light rays to focus in front of the retina.

Accommodation

The process by which the eye changes optical power to focus on an object at different distances, primarily by altering the curvature of the lens.

Hyperopic

Pertaining to farsightedness, a condition where distant objects are seen more clearly than close ones due to the light rays focusing behind the retina.