A firm's total revenue minus its total opportunity cost is called its

Name: A firm's total revenue minus its total opportunity cost is called its
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Total revenue minus total opportunity cost equals economic profit. Accounting profit only takes into account explicit costs (such as wages and rent), while normal profit is the minimum amount of profit necessary to keep a firm in operation. Abnormal profit and entrepreneur's profit are not commonly used terms in economics.

A Firm's Total Revenue Minus Its Total Opportunity Cost Is