A firm's accounting profit is called a normal profit when its

a.

average cost is minimum.

b.

economic profit is equal to zero.

c.

accounting profit is equal to zero.

d.

economic profit is equal to accounting profit.

opportunity cost is equal to zero.

A firm's accounting profit does not include its:

a.	explicit costs.
b.	opportunity costs.
c.	fixed costs.
d.	variable costs.
e.	sunk costs.