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As she walked through her neighbourhood,Jodie,a 6-year-old girl,frequently saw a large brown dog.She repeatedly walked to the dog to pet it but,as her hand approached the animal,it barked and bit her.The bite was painful and caused her to cry.Jodie now cries when she sees any dog,big or small,brown or black,etc.This illustrates which of the following?
Purely Competitive Firm
A business operating in a market where there are many buyers and sellers, each with negligible impact on the price of goods and services.
Economic Profit
The variance between collective earnings and complete expenditures, encompassing both overt and covert costs.
Normal Profit
The minimum amount of profit needed for a company to remain competitive in the market; it equals the total opportunity costs of a firm.
Economic Profits
The surplus or profit earned by a firm or individual after accounting for both explicit and implicit costs.
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