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A firm which is producing at a profit may be operating with a negative "economic profit".
1. A firm which is producing at a profit may be operating with a negative "economic profit".
2. If a firm's "economic profit" is zero, the firm will be satisfied to continue producing at the same rate. 3. Economists use the term "economic profit" to mean the profit of a business as calculated by accountants using "generally accepted accounting principles".
A) Only statement 3 is wrong. B) Only statement 2 is wrong. C) Only statement 1 is wrong. D) All three statements are correct. E) Only one of the three statements is correct.
