Economic Profits Are Calculated By

question 37

Multiple Choice

Economic profits are calculated by:

• A)taking the difference between total revenue and the sum of explicit and implicit costs.
• B)taking the difference between total revenue and explicit costs only.
• C)taking the difference between the total revenue and implicit costs only.
• D)summing total revenue,explicit costs,and implicit costs.

---

Definitions:

Observable Behaviors

Observable behaviors refer to actions or reactions of an individual or system that can be directly seen and measured.

Creative Part

The component of a process or system that involves innovation, imagination, and the generation of new ideas.

Active

Pertains to being engaged in action or participation, often implying energy and involvement in processes or activities.

Self

An individual's consciousness of their own identity and personal characteristics, often considered within various psychological and philosophical contexts.