Define the term Normal profits, extra-normal profits and extra-normal – InterviewSolution

1.

Define the term Normal profits, extra-normal profits and extra-normal losses.

Answer»

Profits are said to be normal when: TR = TC or AR = AC.

Profits are said to be extra-normal or abnormal when: TR > TC or AR > AC.

Extra-normal or abnormal losses occur when: TR < TC or AR < AC.

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