24 Nov 2021
Problem 30
Page 185
Section: CRITICAL THINKING QUESTIONS
Chapter 7: Production, Costs, and Industry Structure
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24 Nov 2021
Introduction
An economic profit or loss is the revenue received from the sale of an output and the costs of all inputs used, as well as any opportunity costs.
However, the accounting profit does not account for opportunity cost. Accounting profit is net income for a company, which is revenue minus expenses where expenses does not include opportunity cost.
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