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Correct
Solution:
The false statement is (d) Accounting profit is equal to total revenue less implicit costs.
Accounting profit is the difference between total revenue and explicit costs, which are actual cash outflows that the firm incurs, such as wages, rent, and materials.
Implicit costs, which are the opportunity costs of the resources owned by the firm, are not included in accounting profit.
On the other hand, economic profit is the difference between total revenue and total economic costs, which include both explicit and implicit costs.
Economic profit will always be less than accounting profit if resources owned and used by the firm have any opportunity costs.
Correct option is (d)