Profit in perfect competition (HL only)
The student activities on this page are connected to the teacher page: Profit in perfect competition (HL only) Normal profit - when a firms revenue is sufficient to cover the firms costs, including the opportunity costs i.e. AR=AC. Economic / abnormal profit - when a firms revenue is higher than the firms costs, including the opportunity costs i.e. AR > AC . This can also be called supernormal profit. Loss - when a...