Economists and accountants have very different definitions of profit.
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Q5: A small business owner who is earning
Q6: Economists assume that business firms attempt to
Q7: Economists and accountants use the same definition
Q8: It can be shown that average revenue
Q9: Total revenue cannot be derived from the
Q11: The average revenue curve can also be
Q12: Accounting profit differs from economic profit by
Q13: A firm's total profit is the difference
Q14: Total revenue is equal to quantity multiplied
Q15: Average revenue is slightly higher than price.
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