Which of the following is the formula used for computing economic profits?
A) economic profits = total revenue - implicit costs
B) economic profits = total revenue - (implicit costs + explicit costs)
C) economic profits = total costs - total revenue
D) economic profits = total revenue - explicit costs
Correct Answer:
Verified
Q219: Mike starts his own business after quitting
Q220: The goal of the firm, according to
Q221: An example of an implicit cost is
A)
Q222: Another term for the opportunity cost of
Q223: Suppose that during a given time period
Q225: Owner-provided capital and owner-provided labor are examples
Q226: Which of the following is the formula
Q227: Accounting profits are
A) total revenue minus explicit
Q228: Which of the following statements regarding accounting
Q229: Economic profits are
A) total revenue minus explicit
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