Normal Profit Is an Implicit Cost

question 41

True/False

Normal profit is an implicit cost.

---

Definitions:

Environmental Legislation

Laws and regulations enacted by governments to protect the environment from harm caused by human activities, focusing on pollution control and resource conservation.

Marketing Opportunity

A potentially favorable condition in which a business can capitalize on a changing trend or an increasing demand for a particular product or service in its market.

Ethnic Group

A community or population made up of people who share a common cultural background, heritage, language, or ancestry, often manifesting distinct social identity.

Professionally Employed

Refers to individuals who are engaged in occupations requiring specialized knowledge and often advanced education, typically in a field considered as a profession.