Suppose That a Business Incurred Implicit Costs of $500,000 and Explicit

question 56

Multiple Choice

Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year.If the firm sold 100,000 units of its output at $50 per unit,its accounting:

• A) profits were $100,000 and its economic profits were zero.
• B) losses were $500,000 and its economic losses were zero.
• C) profits were $500,000 and its economic profits were $1 million.
• D) profits were zero and its economic losses were $500,000.
• Total revenue was 100,000 * $50 = $5,000,000 and explicit costs were also $5,000,000.So the firm lost its implicit costs for an economic loss of $500,000.

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