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AP Microeconomics
Unit 3 – Production, Cost, and the Perfect Competition Model
Topic 3.4
Unit 3 – Production, Cost, and the Perfect Competition Model
3.4 Types of Profit
mixed difficulty
A firm's accounting profit can be greater than its economic profit when?
Implicit costs are lower than explicit costs
Economic profit is negative
Implicit costs are higher than explicit costs
Economic profit is positive
Study guides (1)
AP Microeconomics - 3.4 Types of Profit
Key terms
Accounting Profit
Economic profit
Guides
Glossary
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