Consider the following statements about economic profits and accounting profits. Select all the statements which are true. Economic profits include both explicit and implicit costs, while accounting profits include only implicit costs Economic profits are always larger than accounting profits Publicly traded firms report accounting profits, not economic profits Firms that earn zero economic profits probably earn positive accounting profits
Consider the following statements about economic profits and accounting profits. Select all the statements which are true. Economic profits include both explicit and implicit costs, while accounting profits include only implicit costs Economic profits are always larger than accounting profits Publicly traded firms report accounting profits, not economic profits Firms that earn zero economic profits probably earn positive accounting profits
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
Problem 15CQ
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