Which of the following expressions is correct?
A) accounting profit = total revenue - explicit costs
B) economic profit = total revenue - implicit costs
C) economic profit = total revenue - explicit costs
D) Both a and b are correct.
Correct Answer:
Verified
Q524: Scenario 13-1
Korie wants to start her own
Q525: Scenario 13-1
Korie wants to start her own
Q526: Total revenue minus only implicit costs is
Q527: Economic profit
A)will never exceed accounting profit.
B)is most
Q528: Scenario 13-2
Chelsea wants to start her own
Q530: Katherine gives piano lessons for $15 per
Q531: Economic profit is equal to total revenue
Q532: Total revenue minus only explicit costs is
Q533: The difference between accounting profit and economic
Q534: Katherine gives piano lessons for $20 per
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents