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:

Cultures

The shared beliefs, practices, norms, and values of a group of people that are passed down from generation to generation, shaping their way of life and interactions.

Agreeableness

A personality trait that reflects a person's tendency towards cooperation, social harmony, and consideration of others’ feelings and needs.

Extraverts

Individuals who are characterized by their outgoing, energetic, and sociable nature, often feeling energized by being around others.

Personality Research

The study of how individual differences in behavior, emotions, and thinking patterns arise and their effects on life.