Economic Profits Are

question 25

Multiple Choice

Economic profits are:

• A)the same as accounting profits.
• B)equal to total revenue minus the sum of explicit fixed and variable costs.
• C)equal to total revenue minus both explicit and implicit costs.
• D)greater than accounting profits.

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Definitions:

Creativity

The ability to transcend traditional ideas, rules, patterns, relationships, or the like, and to create meaningful new ideas, forms, methods, interpretations, etc.

Born With

Refers to innate qualities, traits, or characteristics that an individual possesses from birth.

Dialectic Personalities

Individuals who embody or exhibit a synthesis of contrasting or opposing viewpoints, leading to a more comprehensive perspective.

Csikszentmihalyi

A psychologist known for his work on the concept of flow, a state of absorption where one's skills are fully involved in overcoming a challenge that is just about manageable.