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- Subject
- Supply and Demandeconomics-mcqs › supply-and-demand
- Published
- 29 May 2019
- Last updated
- 28 May 2026
Explanation
Supernormal profit refers to the earnings exceeding the normal profit, which is the minimum amount needed to keep a firm operating. Economic profit accounts for total opportunity costs, accounting profit considers only explicit costs, and normal profit is the baseline profit level.
More Supply and Demand MCQs
Practice related questions from the same subject.
- 1.What is the typical shape of a demand curve?
- 2.How does an increase in marginal cost affect output, and how does an increase in marginal revenue impact output?
- 3.Marginal revenue refers to the ________ resulting from producing an additional ________ of output.
- 4.What are firms generally assumed to do with their costs and profits?
- 5.What term describes the added satisfaction gained from consuming an additional unit of a product?
- 6.What does the opportunity cost for a student represent?
- 7.What is the expected effect on your demand for goods if both your income and the prices of those goods double?
- 8.Which term describes the responsiveness of the quantity demanded to changes in consumer income?
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