![The term 'normal profit' as used in the analysis of equilibrium of the firm under perfect competition, refers to](https://www.gkseries.com/blog/wp-content/uploads/2022/09/The-term-normal-profit-as-used-in-the-analysis-of-equilibrium-of-the-firm-under-perfect-competition-refers-to.png)
Q. The term ‘normal profit’ as used in the analysis of equilibrium of the firm under perfect competition, refers to:
- Earnings of management
- Reward for enterprise
- Reward for innovation
- Residual income of a business
Answer: Earnings of management
Q. The term ‘normal profit’ as used in the analysis of equilibrium of the firm under perfect competition, refers to:
Answer: Earnings of management
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