what-is-the-difference-between-accounting-profit-and-economic-profit-in-a-perfec

Question

What is the difference between accounting profit and economic profit in a perfectly competitive market?

Accepted Answer

Economic profit includes opportunity costs, while accounting profit does not.

Answer

Accounting profit includes opportunity costs, while economic profit does not.

Answer

Both accounting profit and economic profit include opportunity costs.

Answer

Neither accounting profit nor economic profit include opportunity costs.