Which of the Following Is Equivalent to Economic Profit

question 176

Multiple Choice

Which of the following is equivalent to economic profit?
(i) total revenue less explicit costs and less implicit costs
(ii) total revenue less opportunity costs
(iii) accounting profit

• A)(i) only
• B)(i) and (ii)
• C)(ii) and (iii)
• D)(i), (ii) and (iii)

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Definitions:

Outgroup Leader

An individual who holds a leadership position or is influential in a group that is considered distinct or separate from one's own reference group.

Group Polarisation

Tendency for group discussion to produce more extreme group decisions than the mean of members’ pre-discussion opinions, in the direction favoured by the mean.

Prototypical Leaders

Individuals who exemplify the most characteristic qualities of leadership, often influencing group norms and expectations.

Prototype Conformity

The tendency to conform to a general, idealized example or standard within a particular category or cultural expectation.