Economic profit is: total revenue minus explicit costs. total revenue minus explicit and implicit costs. total revenue minus implicit costs. total revenue minus accounting costs and normal costs. identical to accounting profit.
Economic profit is: total revenue minus explicit costs. total revenue minus explicit and implicit costs. total revenue minus implicit costs. total revenue minus accounting costs and normal costs. identical to accounting profit.
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
Chapter7: Economies Of Scale And Scope
Section: Chapter Questions
Problem 3MC
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![Economic profit is:
total revenue minus explicit costs.
total revenue minus explicit and implicit costs.
total revenue minus implicit costs.
total revenue minus accounting costs and normal
costs.
identical to accounting profit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1819b96f-588a-4e06-b21e-cbf1f52153ad%2F7477a1f2-ca63-4297-a718-1e2abfe7648c%2Fbn87l8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Economic profit is:
total revenue minus explicit costs.
total revenue minus explicit and implicit costs.
total revenue minus implicit costs.
total revenue minus accounting costs and normal
costs.
identical to accounting profit.
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