Which of the following statements is true?
A)Accounting profit is always positive.
B)Economic profit is always positive.
C)Economic profit is greater than or equal to accounting profit.
D)Accounting profit is greater than or equal to economic profit.

Question

Quizplus · Accepted Answer

Accounting profit equals total revenue minus explicit costs. Economic profit equals total revenue minus the sum of both explicit and implicit costs.

Which of the Following Statements Is True