The Author's Self-Identification as "O Presbyteros" Can Mean

question 28

Multiple Choice

The author's self-identification as "o presbyteros" can mean . . .

• A) "the elder" (leadership role).
• B) "the old man."
• C) "the older man."
• D) all of the above
• E) none of the above

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Definitions:

Economic Profit

The profit a company makes after deducting both explicit (direct payments) and implicit (opportunity) costs.

Normal Profit

Normal profit is the minimum level of profit needed for a company to remain competitive in the market, equivalent to the opportunity cost of capital.

Purely Competitive Market

A market framework where numerous buyers and sellers exist, there's unrestricted access and departure, and the product is uniform, which results in participants accepting the market price as given.