Asked by Jacek Buczko on May 16, 2024
Verified
Accounting profits minus normal profits equal ___________________.
Accounting Profits
The total revenue of a company minus the explicit costs and depreciation.
Normal Profits
The return to the business owners for the opportunity cost of their implicit inputs.
- Familiarize with the concept of economic profits versus accounting profits.
Verified Answer
VS
Learning Objectives
- Familiarize with the concept of economic profits versus accounting profits.
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