Accounting profit is equal to:
A. total revenue minus explicit costs.
B. total revenue minus implicit costs.
C. total revenue minus explicit and implicit costs.
D. economic profit minus implicit costs.
Answer: A
Economics
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Under what circumstances do firms in a balanced oligopoly arrive at a Nash equilibrium outcome?
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If we are currently at point T, we can get to point S in the long run
A. through economic growth over a period of years.
B. immediately by using resources more efficiently.
C. immediately by reducing the unemployment rate.
D. immediately through technological development.
Economics