The two concepts of profit used in the text are:
A)Normal return to capital and abnormal return of capital
B)Return to capital and economic profit
C)Accounting profit and economic profit
D)Accounting rent and economic rent

Question

Quizplus · Accepted Answer

The two concepts of profit used in the text are accounting profit and economic profit. Accounting profit is the difference between total revenue and explicit costs, while economic profit takes into account both explicit and implicit costs.

The Two Concepts of Profit Used in the Text Are