Suppose that for a particular business there are no implicit opportunity costs.Then
A) accounting profit will be greater than economic profit.
B) accounting profit will be the same as economic profit.
C) accounting profit will be less than economic profit.
D) the relationship between accounting profit and economic profit cannot be determined since the amount of explicit opportunity costs is not given.
Correct Answer:
Verified
Q47: Total revenue minus explicit and implicit costs
Q48: Figure 13-1
The figure below depicts a production
Q50: Which of the following is an implicit
Q53: Figure 13-2
The figure below depicts a total
Q55: John has decided to start his own
Q56: Economists assume that the goal of the
Q128: Kevin quit his $65,000 a year corporate
Q173: The marginal product of labor can be
Q398: The marginal product of labor is equal
Q496: The value of a business owner's time
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents