Asked by
Alyssa Underwood
on Nov 26, 2024
Verified
Economic profits are the salaries received by the hired managers of business corporations.
Economic Profits
Profits exceeding the total opportunity costs of all resources used in production; also known as abnormal or supernormal profits.
Hired Managers
Individuals employed to direct and control the operations, strategies, and policies of a business or organization.
- Understand the concept of economic profit versus salaries and its significance in business.
Verified Answer
MC
Learning Objectives
- Understand the concept of economic profit versus salaries and its significance in business.