The difference between a firm's total revenue and its total cost is its ________ profit.
A) explicit
B) normal
C) economic
D) accounting
E) excess

Name: The difference between a firm's total revenue and its total cost is its ________ profit. A) explicit B) normal C) economic D) accounting E) excess
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Question

Quizplus · Accepted Answer

Economic profit is the difference between a firm's total revenue and its total costs, including both explicit and implicit costs.

The Difference Between a Firm's Total Revenue and Its Total