A firm's objective is to maximize its economic profit,which is:

Name: A firm's objective is to maximize its economic profit,which is:
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Economic profit is calculated as total revenue minus economic cost, which includes both explicit and implicit costs. This means that a firm's objective is to maximize the difference between the revenue generated from its products or services and the total cost of producing them, including factors such as labor, materials, and opportunity cost.

A Firm's Objective Is to Maximize Its Economic Profit,which Is