1-3 Economic profit is the difference between​a.total revenue and the opportunity cost of all of the resources used in production.​b.total revenue and the implicit costs of using owner-supplied resources.​c.accounting profit and the opportunity cost of the market-supplied resources used by the firm.​d.accounting profit and explicit costs.​​

1-2 Economic profit​a.is a theoretical measure of a firm’s performance and has little value in real world decision making.​b.can be calculated by subtracting implicit costs of using owner-supplied resources from the firm’s total revenue.​c.is negative when total costs exceed total revenues.​d.is generally larger than accounting profit. ​

Economic profits are calculated by subtracting:Group of answer choicesimplicit costs from total revenue.explicit costs from total revenue.explicit and implicit costs from total revenue.implicit costs from normal profits.

Total revenue minus the implicit and explicit costs of production is profit.

The economic profit of a firm includes the opportunity costs of all resources used in production. What do these opportunity costs measure?A.Explicit costsB.The value of resources at their best alternative useC.The amount of profit earnedD.The economic condition of the firm, by listing everything the firm ownsE.The growth of the firm over time

Profit is:YOUR ANSWERYour Answerthe income a business makes.the same as revenue.totally dependent on the costs of a business.the difference between a business’s revenue and costs.