Which of the following equations is CORRECT?
A) accounting profit = total revenue - (explicit costs + implicit costs)
B) normal profit = accounting profit + economic profit
C) economic profit = accounting profit - implicit costs
D) economic profit = accounting profit - explicit costs
Answer: C
Economics
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A perfectly competitive firm may, under some circumstances, be able to affect the market price
a. True b. False Indicate whether the statement is true or false
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