A firm with explicit costs of $2 million , no implicit costs, and total revenue of $3
Question:
A firm with explicit costs of $2 million , no implicit costs, and total revenue of $3 million would have .
a) zero economic profit
b) zero accounting profit
c) an accounting profit and an economic profit of $1 million
d) a higher economic profit than an accounting profit
e) a higher accounting profit than economic profit.
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ANSWER The correct answer is e a higher accounting profit t...View the full answer
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