Section 3
Economic Profit
Book
Version 3
By Boundless
By Boundless
Boundless Economics
Economics
by Boundless
2 concepts
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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.
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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.