Difference Between Economic Profit And Accounting Profit And Deriving Short-run Supply Curve For An Industry
1. The difference between economic profit and accounting profit is due to the economists' inclusion of opportunity costs of capital.
2. The short-run supply curve for an industry is derived by adding together the output of every firm in the industry at various prices.
These multiple choice questions belong to Economics. The 1st question is about the difference between accounting profit and economic profit and the 2nd question is about deriving at short-run supply curve for an industry.
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