which of the following statements is incorrect? a) Price equals marginal cost. b) Firms are price takers. c) There are many companies. d) There are barriers to the entry of new companies.

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Accounting and Economic Profit analysis

One comes across the concept of Profits in the context of business and in analyzing the results of business activity. Profits of a business can be accounting profits, and they can also be economic profits. So how does one understand the concept of accounting versus economic profits?