4.1.4.7 Profit - video

What symbol is commonly used to represent profit in economics?

• Sigma

• Alpha

• Pi

• Delta

What is the basic equation for calculating profit?

• Total Revenue - Total Cost

• Variable Cost - Fixed Cost

• Total Cost - Total Revenue

• Fixed Cost - Variable Cost

What additional cost do economists consider in the profit equation that accountants typically do not?

• Sunk cost

• Explicit cost

• Marginal cost

• Implicit cost

In the provided example, what alternative product could the companies have produced?

• Desktops

• Smartphones

• Tablets

• Televisions

What type of profit is described as 'normal' in economic terms?

• Negative economic profit

• Positive economic profit

• Zero economic profit

• Variable economic profit

What does a 'super normal' profit indicate?

• Loss

• Profit below normal profit

• Minimum profit level

• Profit above normal profit

What should a company do if it is making less than normal profit according to economic theory?

• Switch to producing the opportunity cost

• Continue the same production

• Increase product price

• Reduce workforce

Which profit type is associated with economic loss?

• Super normal profit

• None

• Normal profit

• Sub normal profit

What is the economic term for profit that is not enough to cover the opportunity cost?

• Normal profit

• Excessive profit

• Super normal profit

• Sub normal profit

What is the minimum level of profit required to keep factors of production in their current use called?

• Super normal profit

• Marginal profit

• Normal profit

• Sub normal profit