What is the difference between economic profit and accounting profit?
a. Economic profit considers implicit and explicit costs; accounting profit considers only explicit costs.
b. Accounting profit considers implicit and explicit costs; economic profit considers only implicit costs.
c. Economic profits do not consider implicit costs; accounting profits do not consider explicit costs.
d. Accounting profits consider production costs; economic profits consider administration costs.
a. Economic profit considers implicit and explicit costs; accounting profit considers only explicit costs.
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