Question

7.1 explicit and implicit costs and accounting and economic profit due wednesday by 11:59pm points 100 submitting an external tool current objective understand revenue, cost, and profits question true or false? profit is found by subtracting operating costs from total revenue. select the correct answer below: true false

Explanation:

Accounting profit is calculated by subtracting total explicit costs (which include operating costs) from total revenue. Economic profit subtracts both explicit and implicit costs from total revenue. The statement only considers operating costs among costs, which is too narrow for a general - profit calculation concept.

Answer:

False