Accounting profits are typically
A) greater than economic profits because accounting profits do not include explicit costs.
B) greater than economic profits because accounting profits do not include implicit costs.
C) smaller than economic profits because accounting profits do not include explicit costs.
D) equal to economic profits in the long run.
Correct Answer:
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Q230: If the interest rate is 1 percent
Q231: Joanne left her last job, in which
Q232: When a business has implicit costs
A) economic
Q233: In analyzing the operation of a firm,
Q234: Which of the following equations is CORRECT?
A)
Q236: In economics we assume that the goal
Q237: Economic profit is
A) total revenue × (explicit
Q238: Suppose that during a given time period
Q239: Joanne left her last job, in which
Q240: Suppose that the implicit cost for a
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