Accounting profit is calculated as:
A) total revenue minus explicit costs.
B) total revenue minus all opportunity costs (explicit and implicit) .
C) total revenue minus implicit costs.
D) None of these calculations are correct.
Correct Answer:
Verified
Q59: Explicit costs can include:
A)out-of-pocket costs.
B)fixed costs.
C)variable costs.
D)All
Q60: Mika withdraws $100,000 from her trust fund
Q61: Suppose Winston's annual salary as an accountant
Q62: Imagine Tom's annual salary as an assistant
Q63: When a company's economic profit is positive,
Q65: In general, economic profit is typically:
A)greater than
Q66: Imagine Tom's annual salary as an assistant
Q67: Imagine Tom's annual salary as an assistant
Q68: When a company's economic profit is negative,
Q69: Suppose Winston's annual salary as an accountant
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