Which of the Following Expressions Is Correct

question 54

Multiple Choice

Which of the following expressions is correct?

• A)accounting profit = economic profit + implicit costs
• B)accounting profit = total revenue − implicit costs
• C)economic profit = accounting profit + explicit costs
• D)economic profit = total revenue − implicit costs

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Definitions:

Law of Averages

The law of averages is a principle that suggests that over time, outcomes will balance out to their statistical probability or expected value.

Cold Canvassing

The act of contacting potential customers without any prior connection or appointment, often through door-to-door visits or cold calls, in attempts to sell a product or service.

Prospecting Method

Strategies and techniques used by salespeople to identify potential customers or leads who may have an interest in their products or services.

Orphaned Customers

Customers who feel neglected or forgotten by a brand, often after a key salesperson leaves the company.