Assume that Rudolf withdraws 600 from his bank account which was earning him 10 percent interest per annum to buy a high-end digital camera. The bank interest forgone by him will be the opportunity cost of this purchase.
Indicate whether the statement is true or false
Question 2
The abnormal net income model
A) assumes that economic profits cannot be earned in the short run.
B) assumes that economic profits cannot be earned in the long run.
C) employs economic profit in its valuation of a firm.
D) none of these choices.
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