Economic profit can be derived from calculating total revenues minus all of the firm’s costs,
A. excluding its opportunity costs.
B. including its opportunity costs.
C. including its marginal revenue.
D. excluding its marginal revenue.
Answer:B
Economic profit can be derived from calculating total revenues minus all of the firm’s costs,
A. excluding its opportunity costs. B. including its opportunity costs. C. including its marginal revenue. D. excluding its marginal revenue.
Explanation: 11. A perfectly competitive industry is a