A Normal Profit Is Defined as

question 19

Multiple Choice

A normal profit is defined as

• A) total revenue minus explicit costs.
• B) the same thing as accounting profit.
• C) the return to entrepreneurship.
• D) total revenue minus implicit costs.
• E) the economic profit minus the implicit costs.

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Definitions:

Myelinated

Refers to nerve fibers that are covered in a protective, fatty sheath called myelin, which facilitates faster electrical impulse transmission.

Morphine

A powerful opiate analgesic drug derived from the opium poppy used to relieve severe pain.

Opiates

A group of drugs derived from the opium poppy, used medicinally for pain relief but having a high potential for dependence and abuse.

Endorphins

Natural painkillers produced by the body, often associated with feelings of euphoria.