Accounting profit is
A) always less than economic profit
B) never less than economic profit
C) equal to economic profit if a normal profit is earned
D) less than economic profit only when implicit costs are greater than explicit costs
E) greater than economic profit only when implicit costs are greater than explicit costs
Correct Answer:
Verified
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A)total
Q36: Normal profit is defined as
A)accounting profit
B)economic profit
C)profit
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Q38: Accounting profit equals
A)explicit costs minus implicit costs
B)economic
Q39: Which of the following would be shown
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