Question: Indicate whether the following statements are true or false, and then briefly explain your reasoning. a. It is possible for accounting and economic costs to

Indicate whether the following statements are true or false, and then briefly explain your reasoning.
a. It is possible for accounting and economic costs to be equal, but it is never possible for economic costs to be less than accounting costs.
b. It is possible for a firm to show an economic profit without showing an accounting profit.

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