Less than normal economic profit.
Greater than normal economic profit.
The minimum return a firm must receive in order for it to be willing to
continue in its present business.
The percentage change in the quantity of a product supplied divided by
the percentage change in the price of that
product that caused it.
The difference between revenue and cost-the difference between what the
firm takes in from the sale of a product and what it gives up to
produce a product.
The seeking of satisfactory profit in stead of maximum profit.
All the costs, implicit and explicit, that a firm incurs in production.
The total amount of receipts or income that a firm obtains from selling
what it produces.
