Answer:
The correct answer is option a.
Explanation:
Accounting profit is the difference between total revenue earned and total explicit costs incurred in the process of production. Explicit cost is the direct cost involved in the production process.
The economic profit is the difference between the total revenue earned and the total explicit as well as the implicit cost incurred. The implicit costs are the indirect cost or opportunity cost of production.
Since accounting profit does not take into account implicit costs, it is greater than economic profit.
Answer:
Societal Marketing
Explanation:
According to my research on different marketing strategies, I can say that based on the information provided within the question the concept that is being employed is called Societal Marketing. This is a marketing concept that focuses on making sure that the company makes decisions based on consumer wants, company requirements, and society's long-term interests.
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