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QUESTION
Economic profit is:A) the same as accounting profit. B) the residual after all resources used in
Economic profit is:
A) the same as accounting profit.
B) the residual after all resources used in
production are compensated at their normal market determined rates.
C) what the owners can take out of business without reducing its capital.
D) total revenue minus expenses and before taxes.
E) all of the above.
Economic profit contains both implicit and explict cost, this much I know but none of these seem to fit the definition. Is it D. Is that the actual definition?
