Production and cost — Economics STD 12 Humanities & Commerce — Question
Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsProduction and cost1 Mark
Question
Define normal profits.
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Answer
Normal profits are defined as the minimum return that the producer expects from his capital invested in the business. Normal profits are the part of TC. A firm earns normal profits when its TR is equal to TC.
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