Examlex
Which of the following statements is correct regarding rubella?
Implicit Cost
The opportunity cost equal to what a firm must give up in order to use resources it already owns for production, without direct payment.
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.
Economic Profit
The difference between total revenue and total cost, including both explicit and implicit costs.
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