Economic profit is equal to a. total revenue minus the explicit cost of producin

Question

Economic profit is equal to a. total revenue minus the explicit cost of producing good andservices. b.total revenue minus the opportunity cost of producing goodsand services c.total revenue minus the accounting cost of producing goodsand services. d.average revenue minus the average cost of producing the lastunit of a good service. Economic profit is equal to a. total revenue minus the explicit cost of producing good andservices. b.total revenue minus the opportunity cost of producing goodsand services c.total revenue minus the accounting cost of producing goodsand services. d.average revenue minus the average cost of producing the lastunit of a good service.

Explanation / Answer

Economic profit opportunity costs are deducted from revenues earned. Try B for the answer.

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