Accounting profit is equal to a. total revenue minus the opportunity cost of producing goods and services. b. average revenue minus the average cost of producing the last unit of a good or service. c. total revenue minus the explicit cost of producing goods and services. d. marginal revenue minus marginal cost.

Peppy knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. he wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting peppy's pizzazzeria up and running. peppy should: trust his basic instincts and try to put it together without the advice of lawyers and accountants. delay talking with a lawyer and accountant until the business has established a positive cash flow for at least one year. immediately hire full-time lawyers and accountants for his staff. consult with a lawyer and accountant even though the budget is tight.