When a firm is earning a normal profit from the production of a good, it is true that
A.
total revenues from production are equal to explicit costs.
B.
explicit costs are equal to implicit costs.
C.
total revenues from production are equal to implicit costs.
D.
total revenues from production are equal to the sum of explicit and implicit costs.
E.
implicit costs are greater than explicit costs.
Exam No： AP Micro Practice Test 4 Year：2024 Question No：22
Answer:
D
Knowledge points:
3.2 Short-Run Production Costs
3.3 Long-Run Production Costs
3.4 Types of profit
Solution:
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