Long-run economic profits would most likely exist in monopoly and oligopoly market structures.
Economic profit or loss is the difference between the income from selling output and the cost and opportunity cost of all inputs used. Economic profit is the company's profit after considering both explicit and implicit costs. Recurring profit occurs when economic profit is zero or revenue equals explicit and implicit costs.
Economic profit is very important because it helps in evaluating a company's profitability and financial performance. Indicates whether a particular company is able to cover its costs and generate revenue for its stakeholders. Therefore, brands only succeed if they bring prosperity to their stakeholders.
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