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Normal Profit: Description

APMICR-S3EXNN

Which of the following describes a situation in which a firm is earning normal profits?

A

The firm's total revenue exceeds total costs.

B

The firm's total revenue exceeds it total variable costs.

C

The firm's accounting profits are equal to its implicit costs.

D

The firm's total revenue exceeds it explicit costs.

E

The firm's total revenue exceeds both its explicit and implicit costs.