If the normal
Concept Introduction:
Nominal rate of return: It is the amount that must be paid to the investors to induce investment in business.
Economic profit: The economic profit is the difference between total revenue and all explicit cost and implicit costs. The explicit cost is the amount paid as salaries, rent and other cost. The implicit cost is considered as the
Accounting profit: Accounting profit is the difference between total revenue and explicit costs. Explicit costs are the direct costs incurred by the firm.
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Economics Today: The Micro View (19th Edition) (Pearson Series in Economics)
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