Which of the following equations is CORRECT?
A) accounting profit = total revenue - (explicit costs + implicit costs)
B) normal profit = accounting profit + economic profit
C) economic profit = accounting profit - implicit costs
D) economic profit = accounting profit - explicit costs
Correct Answer:
Verified
Q229: Economic profits are
A) total revenue minus explicit
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,
Q235: Accounting profits are typically
A) greater than economic
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
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