What Are Normal Profits

question 16

Multiple Choice

What are normal profits?

• A)The minimum profit that must be earned to keep the entrepreneur in that type of business.
• B)The explicit cost of doing business.
• C)Profits made by the typical firm in an industry.
• D)Total revenue over and above all costs.

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Definitions:

John Hagan's Classification

A categorization system developed by sociologist John Hagan that classifies types of crime based on their perceived severity, societal reactions, and the socio-economic background of offenders.

John Hagan

A renowned sociologist known for his contributions to the study of crime, law, and society.

Oversimplification

The reduction of a complex issue or subject to simplistic terms, often ignoring the complexities or nuances involved.

Severe Punishment

Harsh or extreme disciplinary actions intended to correct or deter undesirable behavior.