In economics, abnormal profit, also called excess profit, supernormal profit or pure profit, is "profit of a firm over and above what provides its owners with a normal (market equilibrium) return to capital." Normal profit (return) in turn is defined as opportunity cost of the owner's res...
Ch 7. Firm Behavior & Monopoly in Microeconomics Economic Profit | Definition, Formula & Calculation 5:01 Accounting Profit | Definition, Formula & Calculations 3:46 Profit Maximization Definition, Formula & Theory 3:13 Short Run Aggregate Supply | Definition & Overview 7:21 Normal Profit,...