Which of the Following Statements Is True Concerning Economic Profits

question 52

Multiple Choice

Which of the following statements is true concerning economic profits?

• A)They are always positive.
• B)They are equal to profits as measured by an accountant.
• C)They are always zero.
• D)They are revenue over and above all costs including implicit costs.

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Definitions:

Sociocultural Bias

Prejudice or discrimination based on societal norms or cultural differences.

Environmental Scanning

The process of collecting, analyzing, and using information about trends, events, and relationships in an organization's external environment.

European Union

A political and economic union of 27 member states located primarily in Europe, aiming to promote peace, stability, and economic cooperation among its members.

Regulations

Rules or directives made and maintained by an authority to regulate behavior, typically in the context of legal or governmental systems to ensure fair practices, safety, and standards.