The difference between economic profit and accounting profit is that economic profit is calculated based on both implicit and explicit costs whereas accounting profit is calculate based on explicit costs only. True

The difference between economic profit and accounting profit is that economic profit is calculated based on both implicit and explicit costs whereas accounting profit is calculate based on explicit costs only. True

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Tru false

The difference between economic profit and accounting profit is that economic profit is
calculated based on both implicit and explicit costs whereas accounting profit is calculated
based on explicit costs only.
True
False

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