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20. Which of the following statements is correct?
a. Economic profit is the difference between total revenue and implicit costs.
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Question & Answer: 20. Which of the following statements is correct?…..
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b. Economic profit is generally greater than accounting profit.
c. Economic profit is the difference between total revenue and the full opportunity cost of all the resources used in production.
d. Economic profit is the difference between total revenue and explicit costs.
Expert Answer
Economic profit is the difference between total revenue and the full opportunity cost of all the resources used in production. is a true statement
So the option is C.Economic profit is the difference between total revenue and the full opportunity cost of all the resources used in production.
