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20. Which of the following statements is correct? a. Economic profit is the difference between total revenue and implicit costs. b. Economic profit is generally
20. Which of the following statements is correct?
a. Economic profit is the difference between total revenue and implicit costs.
b. Economic profit is generally greater than accounting profit.
c. Economic profit is the difference between total revenue and the full opportunity cost of all the resources used in production.
d. Economic profit is the difference between total revenue and explicit costs.
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