F584: Profits 3.0 / 5 based on 1 rating ? EconomicsCompetitive marketsA2/A-levelOCR Created by: Natan21Created on: 14-07-15 10:30 Normal profit Sufficient return to keep the firm operating. TR=TC 1 of 6 Supernatural profit More than enough profit to sustain the firm in operation. TR>TC 2 of 6 Marginal profit Only when MR = MC, will total profits be maximised. 3 of 6 Short run Operate as long as total revenue is greater than variable cost. TR>VC 4 of 6 Long run Operate as long as total revenue is greater than total cost. TR>TC 5 of 6 Loss When total revenue is lower than total costs TR<TC 6 of 6
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