Which of the following is correct with respect to economic profit? PLEASE EXPLAIN THANKS! A. Economic profit is positive if total revenue is higher than explicit cost B. Economic profit is positive if total revenue is higher than implicit cost C. Economic profit is positive if total revenue is higher than the sum of implicit and explicit costs D. Any of the A, B, and C are correct E. None is correct
Which of the following is correct with respect to economic profit? PLEASE EXPLAIN THANKS! A. Economic profit is positive if total revenue is higher than explicit cost B. Economic profit is positive if total revenue is higher than implicit cost C. Economic profit is positive if total revenue is higher than the sum of implicit and explicit costs D. Any of the A, B, and C are correct E. None is correct
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 31CTQ: A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output...
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Which of the following is correct with respect to economic profit? PLEASE EXPLAIN THANKS!
A. Economic profit is positive if total revenue is higher than explicit cost
B. Economic profit is positive if total revenue is higher than implicit cost
C. Economic profit is positive if total revenue is higher than the sum of implicit and explicit costs
D. Any of the A, B, and C are correct
E. None is correct
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