Difference between accounting profit-economic profit

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A. Why do restaurants shut down at a certain hour of the day, say 10:00 p.m? Why do movie theatres still show movies that have just a handful of movie watchers?

B. What is the difference between accounting profit, economic profit, and normal profit?

C. What is the law of diminishing returns, and why is this law considered a short-run phenomenon?

Reference no: EM13743176

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