Examlex
Which of the following statement is false?
Economic Profit
The total revenue of a firm minus its explicit and implicit costs, measuring the surplus gained over all resources employed.
Total Revenue
The complete amount of income generated by the sale of goods or services before any costs are subtracted.
Total Cost
The sum of all costs incurred by a business in the production of goods or services, including both fixed and variable costs.
Short-Run Supply Curve
A curve showing the relationship between the price of a good and the quantity supplied over a short period, where some production inputs are fixed.
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