Multiple Choice
A small business owner earns $50,000 in revenue annually. The explicit annual costs equal $30,000. The owner could work for someone else and earn $25,000 annually. The owner's business profit is ________ and the economic profit is ________.
A) $20,000, $20,000
B) $20,000, -$5,000
C) $25,000, -$5,000
D) $25,000, $20,000
Correct Answer:
Verified
Correct Answer:
Verified
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