Examlex
Which of the following statements is false?
Perfect Competitor
A theoretical concept in which a market structure has many small sellers, all producing homogeneous products with no control over market price.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing additional gain over and above normative expectations.
ATC
Average Total Cost, which is calculated by dividing the total cost by the quantity of output produced.
Economic Profit
The surplus or profit remaining after deducting both explicit and implicit costs, including opportunity costs, from total revenues.
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