Answers
Economic profit is defined as the difference between the total revenue and the total cost of the firm.
Economic profit = Total Revenue - Total Cost
A firm that earns zero economic profit is said to be earning normal profits. Firms earning more than zero economic profits are said to be earning positive economic profits. Similarly, the firm earning negative economic profits is said to be earning negative economic profits.
1. Zero economic profits mean that the firm makes just normal profits.
2. Normal profits are nothing but the profit any firm makes in the market.
3.
Negative economic profit is the case where economic costs are greater than the corporate revenues.
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