Which of the Following Does NOT Calculate Accounting Profit or Economic

question 197

Multiple Choice

Which of the following does NOT calculate accounting profit or economic profit properly

• A)Accounting profit = Total revenue - Explicit costs
• B)Economic profit = Total revenue - Total opportunity costs
• C)Economic profit = Total revenue - Explicit costs - Implicit costs
• D)Accounting profit = Total revenue - Implicit costs

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Definitions:

Biological Processes

Natural processes vital for a living organism to maintain life, such as metabolism, homeostasis, and reproduction.

Empiricists

Philosophers who believe that knowledge comes primarily from sensory experience.

Human Diversity

The range of differences among humans, including but not limited to race, ethnicity, gender, age, sexual orientation, and disability.

Genes

Units of heredity made up of DNA that act as instructions to make molecules called proteins, influencing individual traits.