3.3.4 Normal profits, supernormal profits and losses Flashcards

1
Q

normal profit

A

when price = average cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

abnormal/ supernormal profit

A

when price is greater than average cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

subnormal profit

A

when average cost is greater than price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly