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.

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Definitions:

Justice

In research ethics, it refers to fairness in the distribution of benefits and burdens of research, ensuring that no group is unduly burdened or excluded from potential benefits.

Legal Age

The age at which an individual is recognized by law as being capable of assuming certain responsibilities and rights, such as voting, drinking alcohol, or consenting to medical treatment.

Electric Shocks

A form of physical stimulation or punishment using electricity, often discussed in behavioral experiments or psychological studies.

Psychological

Pertaining to the mind or mental processes, often involving human behavior and emotions.