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Question 27 (1 point) Suppose that a business had implicit costs of $500 000 and had explicit costs of $5 million in a specific year. If in that year the firm sold 100 000 units of its output at $50 per unit, its accounting: profits were $100 000 and economic profits were zero losses were $500 000 and its economic losses were zero profits were $500 000 and its economic profits were $1 million profits were zero and its economic profits were $500 000 profits were zero and its economic losses were $500 000

          Question 27 (1 point)
Suppose that a business had implicit costs of $500 000 and had explicit costs of $5 million in a specific year. If in that year the firm sold 100 000 units of its output at $50 per unit, its accounting:
profits were $100 000 and economic profits were zero
losses were $500 000 and its economic losses were zero
profits were $500 000 and its economic profits were $1 million
profits were zero and its economic profits were $500 000
profits were zero and its economic losses were $500 000

Question 27 (1 point)
Suppose that a business had implicit costs of 500 000 and had explicit costs of5 million in a specific year. If in that year the firm sold 100 000 units of its output at 50 per unit, its accounting:
profits were100 000 and economic profits were zero
losses were 500 000 and its economic losses were zero
profits were500 000 and its economic profits were 1 million
profits were zero and its economic profits were500 000
profits were zero and its economic losses were 500 000

Added by Margaret P.

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