Classify each statement as true or false. a firms economic profit can be different from its accounting profit

True

Explanation:

Accounting profit only considers actual revenues and expenses incurred. E.g. I own a small store and sold $300,000 last year and made $40,000 in net profits.

But economic profit also considers opportunity costs. Following the same example, I earned $40,000 by working on my store but lost the wages that I earned form my last job since I quitted to open my own business. That lost salary = $36,000, so my economic profit from operating the store = $40,000 - $36,000 = $4,000

answer; organization;

answer; ///(d); determining who competes most closely   with whom evaluating whether industry driving forces and competitive pressure favor some strategic groups and hurt others, and ascertaining whether the profit potential of different strategic groups varies due to the strengths and weaknesses in each groups respective market positions;