Final answer:
Accounting profit equals sales revenue minus explicit costs is the true statement. Economic profit includes both explicit and implicit costs, whereas accounting profit ignores the opportunity costs (implicit costs). Accounting profit does not provide a measure of opportunity cost.
Step-by-step explanation:
When comparing the different statements, the first statement is the correct one: Accounting profit equals sales revenue minus explicit costs. Accounting profit is indeed the difference between total revenue and explicit costs, which are the direct costs that a company incurs, such as wages, rent, and materials. On the other hand, economic profit takes into consideration both explicit and implicit costs, the latter being the opportunity costs of a firm's resources. Normal profit is the amount of income that owners would have generated in their next best alternate venture, and it's already included in implicit costs. Therefore, normal profit is not defined as sales revenue minus implicit costs. Lastly, accounting profit does not give a true measure of the opportunity cost of the current business venture, since it does not incorporate implicit costs, those earnings forgone from not investing in the second best option available to the firm's resources.