[Solved] The last supernova in our Galaxy that was visible to the naked eye was observed when? A) We have never seen a naked-eye supernova. B) They are quite common, so we undoubtedly saw one within the last year. C) There are reports of a supernova eruption in 1066. D) Kepler observed a naked-eye supernova in 1604. This was the most recent one. Economic Profits: Profits calculated by subtracting both explicit and implicit costs from total revenues; also known as supernormal profits. Implicit Costs: Costs that represent the opportunity costs of using resources owned by the firm for its own production rather than selling those resources. Economic Profit: The difference between total revenue and the total cost of inputs (including opportunity costs), reflecting the additional gain from business operations beyond breaking even. Economic Loss: The decrease in financial value or resources due to an event, action, or inaction, encompassing factors such as direct, indirect, and opportunity costs.