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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is normal profit?
💡 Hint: Think about what a firm needs to cover to stay in business.
Question 2
Easy
What happens if a firm doesn't earn normal profits?
💡 Hint: Consider the opportunity cost of being in business.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is normal profit?
- Profit exceeding all costs
- Minimum profit to stay in business
- Profit below break-even
💡 Hint: Consider what a firm needs to continue operations.
Question 2
True or False: The break-even point is where a firm makes a loss.
- True
- False
💡 Hint: Think about how revenue and costs relate at this point.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
If a firm has total costs of Rs 200 and requires a normal profit of Rs 50, what must be its total revenue to break-even?
💡 Hint: Consider the relationship between total revenue, total costs, and normal profit.
Question 2
A firm generates Rs 600 in revenue but has total costs of Rs 650. What type of profit or loss does this represent?
💡 Hint: Think about how profits are calculated.
Challenge and get performance evaluation