_____ profit is total revenue minus implicit and explicit costs.
A) Sales
B) Implied
C) Accounting
D) Economic
Correct Answer:
Verified
Q5: _ profit is total revenue minus accounting
Q6: _ profit is total revenue minus explicit
Q7: _ costs are explicit costs of production.
A)
Q8: _ costs do not involve the payment
Q9: _ profit is total revenue less economic
Q11: Economists include _ in calculating economic profit.
A)
Q12: Accountants include _ in calculating accounting profit.
A)
Q13: In determining a firm's costs, accountants include
Q14: When Flora quits her job earning $85,000
Q15: Gerald, a certified public accountant, informs his
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