The minimum level of profit that is need

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Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Theory of Firms under Perfect Competition

Question:

The minimum level of profit that is needed to keep a firm in the existing business is

Options:

super normal profit

normal profit

minimum profit

none of above

Correct Answer:

normal profit

Explanation:

The minimum level of profit that is needed to keep a firm in the existing business is defined as normal profit.