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Economic profits are a . earnings based on the normal competitive payments to the factors used in production. b . wages paid to the factors

Economic profits are

.

earnings based on the normal competitive payments to the factors used in production.

.

wages paid to the factors used in production.

.

equal to net income.

.

earnings based on the noncompetitive payments to the factors used in production.

.

None of these answers is correct.

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