Economic profit always equals
A) zero for a perfect competitor
B) zero for a monopolist
C) total revenue - total cost
D) total revenue - explicit costs
E) total revenue - implicit costs

Name: Economic profit always equals A) zero for a perfect competitor B) zero for a monopolist C) total revenue - total cost D) total revenue - explicit costs E) total revenue - implicit costs
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Question

Quizplus · Accepted Answer

Economic profit is calculated as total revenue minus total costs, where total costs include both explicit and implicit costs.

Economic Profit Always Equals