Economic Profit Accounts for Both Implicit and Explicit Costs

question 94

True/False

Economic profit accounts for both implicit and explicit costs.

---

Definitions:

Spontaneous Induction

A process in physics where a change in magnetic flux induces an electromotive force or current in a closed loop without any applied external voltage.

Selective Attention

The process by which the brain focuses on specific information while ignoring other stimuli.

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, etc.

Academic Achievement

The extent to which a student, teacher, or institution has attained their short or long-term educational goals.