3. A normal profit is earned when total revenues
(a) equal total accounting costs.
(b) equal total opportunity costs.
(c) are less than total accounting costs.
(d) are less than total opportunity costs.
(e) are greater than total opportunity costs.
4. Which of the following statements about the short run is false?
(a) Not all inputs can be altered in the short run.
(b) Fixed inputs cannot be changed in the short run.
(c) Additional output can be produced only by altering the amount of variable inputs employed.
(d) The firm pays no fixed costs in the short run.
(e) None of the above.
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