The Difference Between Economic Profits and Normal Profits Is That

question 101

Multiple Choice

The difference between economic profits and normal profits is that:

• A) normal profits are earnings based on the normal competitive return to one's own labor; economic profits are the above-normal returns associated with prices that exceed competitive prices
• B) economic profits are earnings based on the normal competitive return to one's own labor; normal profits are the above-normal returns associated with prices that exceed competitive prices
• C) normal profits are earnings based on the normal competitive return to one's own labor; economic profits are the above-normal returns associated with prices that exceed monopolistic prices
• D) economic profits are earnings based on the noncompetitive return to one's own labor; normal profits are the above-normal returns associated with prices that exceed competitive prices
• E) None of these answers are correct.

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Definitions:

KABC-II

The Kaufman Assessment Battery for Children, Second Edition (KABC-II) is a comprehensive cognitive assessment tool for children that evaluates processing and cognitive abilities.

Wechsler Scales

A set of standardized tests designed to measure intelligence and cognitive ability in children and adults.

Cattell-Horn-Carroll Model

A comprehensive framework of human cognitive abilities that combines the theories of Raymond Cattell, John Horn, and John Carroll, identifying broad and narrow abilities.

Fluid Intelligence

The capacity to reason quickly and think abstractly, enabling problem-solving and the ability to learn new information.