Suppose That a Business Incurred Implicit Costs of $550,000 and Explicit

Multiple Choice

Suppose that a business incurred implicit costs of $550,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $52 per unit, its accounting

A) profits were $520,000 and its economic profits were $30,000.
B) losses were $200,000 and its economic losses were $350,000.
C) profits were $350,000 and its economic profits were $200,000.
D) profits were $200,000 and its economic losses were $350,000.