A firm's total revenue minus its explicit cost is called itsGroup of answer choiceseconomic profit.abnormal profit.accounting profit.normal profit.

To answer your question, we need to understand the different types of profit a firm can report. Here's a breakdown of the terms:

1. Accounting Profit: This is the difference between total revenue and explicit costs (the direct, out-of-pocket payments for resources). It is what is most commonly reported on financial statements.

2. Economic Profit: This is calculated by subtracting both explicit and implicit costs (opportunity costs) from total revenue. It reflects the true profitability of a firm, considering all costs.

3. Normal Profit: This is the level of profit that allows a firm to cover all its explicit and implicit costs but does not yield any economic profit. It is the profit that covers the opportunity costs of the resources used.

4. Abnormal Profit: This term can sometimes be used interchangeably with economic profit and usually refers to profits above the normal profit level, indicating that the firm is earning more than what is typical for its industry.

Final Answer

The firm's total revenue minus its explicit cost is called accounting profit.