Economic profit is
A) equal to the firm's total revenue minus its opportunity costs.
B) an opportunity cost of operating the firm.
C) equal to the firm's total revenue minus its normal profit.
D) the average return for supplying entrepreneurial ability.
Question 2
Short-run macroeconomic equilibrium occurs when the quantity of real GDP demanded ________.
A) equals potential GDP
B) equals full-employment GDP
C) does not equal full-employment GDP
D) equals the quantity of real GDP supplied
