(3) Short Run Cost III: Opportunity Cost
Opportunity Cost, Economic Profits, Normal Profits, Accounting Profits
This introduces and explains the concepts of Opportunity Cost and Economic Profits. Economic profits are distinguished from Accounting and Normal Profits.
Crane, Steven E., "(3) Short Run Cost III: Opportunity Cost" (2011). Principles of Microeconomics. Paper 56.
Ability to explain and apply the economic concepts of Opportunity Cost and Economic Profits.
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