What is the term for the surplus that is earned over and above all explicit and implicit costs of doing business?

Question

Quizplus · Accepted Answer

The term for the surplus that is earned over and above all explicit and implicit costs of doing business is economic profits. Net profits only refer to the total profits earned after deducting all expenses, while marginal profits refer to the additional profit earned from producing one more unit of a good or service. Normal profits refer to the minimum amount of profit necessary to keep a firm in business. Therefore, the correct answer is C, economic profits.

What Is the Term for the Surplus That Is Earned