Economic profit is an indication that consumers are willing to pay more for a good or service being offered.

Name: Economic profit is an indication that consumers are willing to pay more for a good or service being offered.
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Question

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Economic profit arises when the revenue from selling a good or service exceeds the total costs (including opportunity costs) of producing that good or service, indicating that consumers value it enough to pay more than the costs incurred to bring it to market.

Economic Profit Is an Indication That Consumers Are Willing to Pay