Economic profit is total revenue minus
A) implicit costs.
B) explicit costs.
C) implicit and explicit costs.
D) normal profits.
Correct Answer:
Verified
Q25: Economists explicitly assume that the primary objective
Q26: Most economists assume that firms behave _
Q27: Economists assume that firms try to _.
Q28: The price of a mango is $2
Q29: All of these are explicit costs, EXCEPT
A)
Q31: Which is an implicit cost?
A) material cost
B)
Q32: Economic costs are the sum of _
Q33: All of these are included in implicit
Q34: Money that is a real cost to
Q35: Explicit costs are called _ costs, and
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