Accounting profit tends to be higher than economic profit because economic cost includes implicit and explicit costs. lower than economic profit because economic cost includes explicit and implicit costs. lower than economic profit because economic cost includes only implicit costs. higher than economic profit because economic cost includes only implicit costs.
Accounting profit tends to be higher than economic profit because economic cost includes implicit and explicit costs. lower than economic profit because economic cost includes explicit and implicit costs. lower than economic profit because economic cost includes only implicit costs. higher than economic profit because economic cost includes only implicit costs.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter3: Benefits, Costs, And Decisions
Section: Chapter Questions
Problem 3.7IP
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it’s incorrect
![Accounting profit tends to be
higher than economic profit because economic cost includes implicit and explicit costs.
lower than economic profit because economic cost includes explicit and implicit costs.
lower than economic profit because economic cost includes only implicit costs.
higher than economic profit because economic cost includes only implicit costs.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8e273367-affb-43ef-886e-3231d3c073b4%2F0e5e6b57-0be4-4d4b-bbf4-0c1a59fb3569%2Fde77r79_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Accounting profit tends to be
higher than economic profit because economic cost includes implicit and explicit costs.
lower than economic profit because economic cost includes explicit and implicit costs.
lower than economic profit because economic cost includes only implicit costs.
higher than economic profit because economic cost includes only implicit costs.
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