Economic Profit Is Equal to the Difference Between

question 36

Multiple Choice

Economic profit is equal to the difference between:

• A)total revenue and the full opportunity cost of all the resources used in production.
• B)total revenue and implicit costs.
• C)accounting profit and explicit costs.
• D)implicit and explicit costs.

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Definitions:

Vocal Cords

Paired bands of muscle tissue located in the larynx (voice box) that vibrate to produce sound when air is expelled from the lungs.

Epiglottis

A leaf-shaped flap in the throat that prevents food and drink from entering the windpipe during swallowing.

Tension

A physical or psychological state of being stretched tight which can refer to the force applied to something or a feeling of strain and anxiety.

Trachea

A cylindrical tube within the respiratory system that provides air flow to and from the lungs for respiration.