Gross revenue minus explicit and implicit costs is equal to

Question

Quizplus · Accepted Answer

Gross revenue minus explicit and implicit costs is equal to economic profit. Economic profit takes into account the opportunity cost of resources used in a production process, whereas accounting profit does not. Net worth refers to the difference between assets and liabilities of an individual or a company, and opportunity cost is the value of the next best alternative foregone.

Gross Revenue Minus Explicit and Implicit Costs Is Equal to