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The Theory Of The Firm Under Perfect Competition
Question
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 What is meant by abnormal profit?

Answer

It is equal to producer's profit in excess of his opportunity cost. Alternatively, it refers to profit which a firm gets over and above normal profit.

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Some More Questions From The Theory Of The Firm Under Perfect Competition Chapter

What is meant by market structure?

What is perfect competition?  

Name the market structure in which firm is itself an industry.

 Define the term market as used in economics.

What is meant by monopolistic competition?

What are selling costs?

Define homogeneous product.

What is meant by differentiated product?

 Define perfect competition.

 Is the seller under perfect competition a price maker or a price taker?