Economic profit is the difference between a firm's revenue and its opportunity costs.

Name: Economic profit is the difference between a firm's revenue and its opportunity costs.
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Economic profit takes into account both explicit costs (such as wages and rent) and implicit costs (such as the opportunity cost of using resources for one activity instead of another). Therefore, it is the difference between a firm's revenue and all of its costs, including opportunity costs.

Economic Profit Is the Difference Between a Firm's Revenue and Its