Section 3
Economic Profit
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By Boundless
By Boundless
Boundless Economics
Economics
by Boundless
2 concepts
Difference Between Economic and Accounting Profit
Economic profit consists of revenue minus implicit (opportunity) and explicit (monetary) costs; accounting profit consists of revenue minus explicit costs.
Sources and Determinants of Profit
Whether economic profit exists or not depends how competitive the market is, and the time horizon that is being considered.