What is the total profit?
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What is Economic Profit?
a) included in the firm's total cost.
b) normal profit minus total cost
c) total revenue minus marginal cost
d) total revenue minus total cost.
36. Which of the following is false? (a) Economic profit = Total revenue - Total cost. (b) Accounting profit = Economic profit + Implicit cost. (c) Accounting profit = Total revenue + Explicit cost. (d) Economic profit = Accounting profit - Explicit cost.
What is the relationship between profit, total revenue, and total cost?