Author Question: Accounting profit is a. always less than economic profit b. never less than economic profit c. ... (Read 64 times)

james9437 · **on:** Jun 30, 2018

Accounting profit is
a. always less than economic profit
b. never less than economic profit
c. equal to economic profit if a normal profit is earned
d. less than economic profit only when implicit costs are greater than explicit costs
e. greater than economic profit only when implicit costs are greater than explicit costs

Question 2

Zipco's economic profit is equal to its
a. total revenue minus accounting profit
b. total revenue minus explicit costs
c. total revenue plus accounting profit
d. total revenue plus opportunity costs
e. accounting profit minus implicit costs