Profit in excess of both explicit and implicit costs is _____ profit.

Name: Profit in excess of both explicit and implicit costs is _____ profit.
Brand: Quizplus
Rating: 4.8 (53 reviews)

Question

Quizplus · Accepted Answer

Economic profit is the profit in excess of both explicit (direct monetary payments) and implicit (opportunity costs) costs. Accounting profit only considers explicit costs, while economic profit takes into account both explicit and implicit costs to provide a more comprehensive view of profitability.

Profit in Excess of Both Explicit and Implicit Costs Is