Question

what is concept of normal profit

Answer 1

Normal profit is an economic condition that occurs when the difference between a firm's total revenue and total cost is equal to zero. Simply put, normal profit is the minimum level of profit needed for a company to remain competitive in the market

Answer 2

NANBA...

The basic concept of “profit” is simple: profit equals revenue minus costs. In economics, this is called “accounting profit,” which equals revenue minus the explicit costs, costs paid to others.