Asked by
austin coursey
on Nov 25, 2024
Verified
If a firm produces zero output in the short run, then its profits will also be zero.
Short Run
In microeconomics, a period of time in which producers are able to change the quantities of some but not all of the resources they employ; a period in which some resources (usually plant) are fixed and some are variable.
Profits
The financial gain realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
- Differentiate between economic and accounting profits.
- Comprehend the distinction between explicit, implicit costs, and normal profit.
Verified Answer
NC
Learning Objectives
- Differentiate between economic and accounting profits.
- Comprehend the distinction between explicit, implicit costs, and normal profit.
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