The Difference Between a Firm's Total Revenues and Total Costs

question 49

Multiple Choice

The difference between a firm's total revenues and total costs when all explicit and implicit costs are included is the firm's

• A) economic profit.
• B) accounting profit.
• C) opportunity cost of capital.
• D) long-run average total cost.

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Definitions:

Alaska

The largest state in the United States by area, located in the northwest extremity of the country's west coast, known for its diverse terrain and extreme weather conditions.

Ichiro's

Refers to something associated with Ichiro Suzuki, a retired Japanese professional baseball outfielder who played in Major League Baseball (MLB) and Nippon Professional Baseball (NPB).

Motorcycle

A two-wheeled vehicle powered by an engine, known for its speed, maneuverability, and the sense of freedom it provides to riders.

Riding

The act of being carried or transported on the back of an animal, especially horses, or on vehicles like bicycles and motorcycles.