always a) greater than its accounting profit because economic profit considers imp costs, which accounting profit does not. Ob) less than its accounting profit because accounting profit considers explic costs, which economic profit does not. Oc) equal to accounting profit because both subtract all costs from revenues obtain profit.

always a) greater than its accounting profit because economic profit considers imp costs, which accounting profit does not. Ob) less than its accounting profit because accounting profit considers explic costs, which economic profit does not. Oc) equal to accounting profit because both subtract all costs from revenues obtain profit.

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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How to Determine "Accounting Profit"
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