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Economics (AS & A Level) · Oct / Nov 2022 · Paper 33 · Question 10

9708Types of cost, revenue and profit, short-run and long-run production

What would definitely be abnormal profits?

  1. Athe extra revenue received from the sale of a farmer's land to a house-building firm
  2. Bthe extra revenue received by a firm from an unexpectedly large increase in demand
  3. Cthe total revenue from the sale of a firm's products in excess of the total variable costs of the firm
  4. Dthe total revenue in excess of total costs of the firm above the minimum needed to keep the firm in business in the long run

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Correct answer: D. the total revenue in excess of total costs of the firm above the minimum needed to keep the firm in business in the long run

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