Generally When Calculating Profits as Total Revenue Minus Total Costs,accounting

question 117

Multiple Choice

Generally when calculating profits as total revenue minus total costs,accounting profits are larger than economic profits because economists take into account:

• A) only explicit costs.
• B) only implicit costs.
• C) both explicit and implicit costs.
• D) Both types of profits are always equal because they account for the same costs.

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Definitions:

Wearing Dentures

The use of removable appliances to replace missing teeth, thereby aiding in eating and speaking, and improving appearance.

Root Canal

A dental procedure used to treat infection at the center of a tooth by removing the damaged area of the tooth and the nerve, and then filling and sealing it.

Sedentary Lifestyle

A way of life characterized by minimal physical activity, often linked to numerous health risks such as obesity and heart disease.

Obsessive-Compulsive Disorder

A mental disorder characterized by persistent, unwanted thoughts (obsessions) and repetitive, ritualistic behaviors (compulsions) felt necessary to relieve anxiety.