Author Question: Economic profit is defined as a. total revenue minus price b. price minus quantity c. total ... (Read 67 times)

yoroshambo · **on:** Jun 30, 2018

Economic profit is defined as
a. total revenue minus price
b. price minus quantity
c. total revenue minus what must be paid to resources to attract them from their best alternative use
d. total revenue divided by what must be paid to resources to attract them from their best alternative use
e. total revenue plus what must be paid to resources to attract them from their best alternative use

Question 2

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