Asked by
Diontre McLoyd
on Oct 25, 2024
Verified
Profit computed without implicit costs is _____ profit.
A) explicit
B) accounting
C) implicit
D) economic
Accounting Profit
The total revenue of a business minus the explicit costs of operating the business.
Implicit Costs
The opportunity costs associated with a company's use of resources that are not directly paid for or billed.
- Develop skills in calculating economic and accounting profits and discerning the contrasts between them.
Verified Answer
GF
Learning Objectives
- Develop skills in calculating economic and accounting profits and discerning the contrasts between them.