Economic Profits Are Calculated By

question 207

Essay

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 and implicit costs.

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Definitions:

Magnetic Fields

Invisible fields that exert force on objects that possess magnetic properties, including electrically charged particles and magnetic materials, fundamental to electromagnetism.

Navigational Instruments

Tools used by navigators to find their way when traveling over water or through the air, including compasses, sextants, and GPS devices.

Black Death

A devastating global epidemic of bubonic plague that struck Europe and Asia in the mid-14th century, killing millions of people.