How is economic profit calculated?
A) Total revenue - Total explicit costs
B) Total revenue - Total implicit costs
C) Total revenue - (Total explicit costs + Total implicit costs)
D) Total revenue - (Total explicit costs + Total implicit costs) - Total average costs
Correct Answer:
Verified
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Q11: What is an implicit cost?
A) the cost
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Q14: Which of the following is included in
Q15: Which of the following statements about profit
Q16: A production function is a relationship that
Q17: Which of the following is used to
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