Which of the following statements is false ? Economic profit is the difference b

Question

Which of the following statements is false? Economic profit is the difference between total revenue and the full opportunity cost of all the resources used in production. The owners of a firm must be compensated for the use of their funds, because those funds have alternative uses. Accounting profit is typically measured as the difference between total revenue and explicit costs. Economic profit is the difference between total revenue and implicit costs. Which of the following statements is false? Economic profit is the difference between total revenue and the full opportunity cost of all the resources used in production. The owners of a firm must be compensated for the use of their funds, because those funds have alternative uses. Accounting profit is typically measured as the difference between total revenue and explicit costs. Economic profit is the difference between total revenue and implicit costs. Economic profit is the difference between total revenue and the full opportunity cost of all the resources used in production. The owners of a firm must be compensated for the use of their funds, because those funds have alternative uses. Accounting profit is typically measured as the difference between total revenue and explicit costs. Economic profit is the difference between total revenue and implicit costs.

Explanation / Answer

Economic profit is the difference between total revenue and implicit costs.- is false.

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