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

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.​​

Which of the following best defines the concept of opportunity cost in economics?  A. The monetary value of a resource or product in the market.  B. The total cost of producing a good or service, including both explicit and implicit costs.  C. The benefit or value that could have been gained from the next best alternative when making a choice.  D. The total value of all goods and services produced within a country in a given time period.

Which of the following is an explanation of opportunity cost?[1 mark]A Identifying business opportunities and bringing togetherresources to meet themB Seeing a problem with the way things are done and thinkingof a better way of doing itC Seeing a gap in the market and calculating the cost of enteringthe marketD The cost of making one choice concerning the use of limitedresources at the expense of an alternative choice

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. ​

An opportunity cost is*1 pointA cost common to all alternatives in question and not clearly or practically allocable to any of the alternativesThe profit foregone by selecting one alternative instead of anotherA cost that may be shifted to the future with little or no effect on current operationsThe difference in total costs that results from selecting one alternative instead of another