A return above implicit and explicit costs is called

Name: A return above implicit and explicit costs is called
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Question

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Economic profit takes into account the opportunity cost of resources used, including both explicit (monetary) costs and implicit (non-monetary) costs such as foregone opportunities. A positive economic profit indicates that the business is earning more than it would have by using those resources in their next-best alternative use.

A Return Above Implicit and Explicit Costs Is Called