How is accounting profit calculated?
A) Accounting profit = Total revenue - Total explicit costs
B) Accounting profit = Total revenue - Total implicit costs
C) Accounting profit = Total revenue - Average costs
D) Accounting profit = Total revenue - (Total explicit costs + Total implicit costs)
Correct Answer:
Verified
Q1: What do firms seek to maximize?
A) the
Q2: How is profit calculated?
A) Profit = Total
Q3: A negative profit is called:
A) a loss.
B)
Q4: Dave's Donuts sold 1,000 donuts. Total revenue
Q5: What costs involve an actual payment of
Q7: Mallory's Marble Shop received $110,000 from customers
Q8: Each year, a bicycle repair shop receives
Q9: Each year, a bicycle repair shop receives
Q10: Last year, Reed's Financial Services received revenues
Q11: What is an implicit cost?
A) the cost
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents