Economic profit is the difference between total revenue and
A) the cost of resources bought in markets.
B) opportunity costs of production.
C) interest costs of production.
D) the normal profit.

Question

Quizplus · Accepted Answer

Economic profit is calculated by subtracting the opportunity costs of production from total revenue. This includes both explicit and implicit costs, unlike accounting profit which only considers explicit costs.

Economic Profit Is the Difference Between Total Revenue and