Which of these is true about normal profit? a) The maximum level of profit that is needed to keep a firm in the existing business is defined as normal profit. b) In the long run, a firm does not produce if it earns anything less than the normal profit. c) In the short run, a firm may produce even if the profit is less than this level.

a, b and c a and b b and c c and a

b and c

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