Examlex
How does the type of pie filling influence the selection of a pie crust? What type of crust would be best for a pie made with fresh, uncooked fruit? Explain your answer.
Accounting Profit
The financial gain calculated by subtracting total explicit costs from total revenue, not considering implicit costs.
Economic Profit
The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.
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.
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