Peak performance.
In the short run, abnormal profits exist but in the long run, it gets eroded away because new firms enter the industry.
greater then economic profits,as accounting profits do not include implicit costs
Profits = revenues - expenses
many firms will earn profits in the short term, but they must constantly innovate and compete to earn profits in the long term
Peak performance.
For profit organizations that exist to make money as opposed to non profits who exist to meet a community need.
In the short run, abnormal profits exist but in the long run, it gets eroded away because new firms enter the industry.
Marketing Concepts is a company based out of the state of Minnesota. They exist with the primary purpose to help people in the commerce industry increase sales and profits.
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Bottom-line profits
greater then economic profits,as accounting profits do not include implicit costs
SmartShop's profits have been growing at 5% per year. This year their profits were approximately $500,000. What were their profits last year?
The company's profits decreased by 12%
The answer depends on the period for which the old profits are required.
Profits = revenues - expenses
They recieved few profits