When a Person Has Lost a Professional License Due to Conviction

question 62

Multiple Choice

When a person has lost a professional license due to conviction, a pardon

• A) automatically restores the license and right to practice.
• B) restores the license one year after the pardon.
• C) generally does not restore the license.
• D) restores the license, but the right to practice is decided by a professional board.

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Definitions:

Maximum Profit

The highest possible financial gain a firm can achieve when the difference between total revenue and total cost is at its greatest.

Economic Profit

The split between a firm's entire proceeds and its total disbursements, embracing both acknowledged and veiled costs.

Normal Profit

The minimum profit necessary for a company to remain competitive in the market, equating to the opportunity cost of the resources employed.