Economic profit is equal to total revenue minus

Name: Economic profit is equal to total revenue minus
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Question

Quizplus · Accepted Answer

Economic profit takes into consideration both explicit costs (actual cash payments made) and implicit costs (opportunity costs, such as the salary an owner gives up by running their own business instead of working for someone else). Therefore, economic profit is equal to total revenue minus both implicit and explicit costs.

Economic Profit Is Equal to Total Revenue Minus