Answered: Economic profit or loss is equal to…

Economic profit or loss is equal to total revemnue mulls O all explicit costs O all implicit costs O both implicit and explicit costs O total fixed costs O total variable costs

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 9SQP

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

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Economic profit or loss is equal to total revemnue minus
O all explicit costs
O all implicit costs
O both implicit and explicit costs
O total fixed costs
O total variable costs
Qod ct w e r
Patr N orter
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What are explicit and implicit costs?
10
Under which of the folowing examples is t likaly that the accounting profit is positive and the economic profit is negative? OA Using a restaurant you purchased to sell Menican food instead of talian food. OR It you use a diamond mine as a touriet atraction instead of using it for mining. Oc Opering a bank branch near a university campus. OD. Such a scenario, where accounting cost is positive and economic profit is negafive, is not possibie.