Asked by Aa'Kyra Rivers on Jul 05, 2024
Verified
Define profit.
Profit
The financial benefit realized when revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the operation.
- Identify the difference between explicit and implicit costs, and recognize their effects on economic and accounting profit.
Verified Answer
MA
Learning Objectives
- Identify the difference between explicit and implicit costs, and recognize their effects on economic and accounting profit.
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