ANSWER QUICK PLEASE Match the definition to the proper term.

a. clear payments to the factors of production used

b. less-clear costs, such as the opportunity costs of using the firm's own resources without receiving any explicit compensation for those resources

c. a firm's total revenue from sales of output minus firm's explicit costs

d. the total revenue minus explicit and implicit costs



A. a-implicit costs, b-explicit costs, c-economic profit, d-accounting profit

B. a-economic profit, b-accounting profit, c-implicit costs, d-explicit costs

C. a-explicit costs, b-implicit costs, c-accounting profit, d-economic profit

D. a-accounting profit, b-economic profit, c-explicit costs, d-implicit costs

C. a-explicit costs, b-implicit costs, c-accounting profit, d-economic profit

Explanation:

a. If payments are clear such as expenses with materials or rent, they are said to be explicit costs.

b. On the other hand, opportunity costs of choosing one alternative over another are considered to be implicit costs.

c. The profit obtained from revenue minus explicit costs, that only considers actual money transactions, is known as the accounting profit

d. Lastly, when implicit costs are also deducted. we obtain the actual economic profit.

Therefore the answer is:

C. a-explicit costs, b-implicit costs, c-accounting profit, d-economic profit

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