Suppose That During a Given Time Period the Implicit Cost

Multiple Choice

Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $8 per item. We can conclude that the firm's

A) accounting profit was $2,000, and its economic profit was $500.
B) accounting and economic profits were both $2,000.
C) accounting profit was -$500, and economic profit was $2,000.
D) accounting profit was $2,000, and economic profit was -$500.