Examlex
What material was often used for the covers for medieval books?
Implicit Costs
The opportunity costs of using resources owned by the firm for its own use, without any direct payment made.
Opportunity Cost
The worth of the best alternative given up to make a choice.
Accounting Profit
The financial gain calculated by subtracting total expenses from total revenues, according to standard accounting principles.
Economic Profit
The profit from undertaking an activity after subtracting both the explicit and implicit costs associated with that activity.
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