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Home Q & A Board Other Fields Homework Help Business Economics
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Loraine Loraine
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8 years ago
A firm has explicit costs of $110,000 and total revenue of $120,000. Which of the following is true about the firm?
A) The firm might be making an economic profit but we need more information about implicit costs to know for sure.
B) The firm is definitely making an economic profit because it must be minimizing its opportunity cost.
C) The firm is incurring an economic loss if implicit costs are $10,000.
D) The firm is making a normal profit if implicit costs are $0.
E) The firm may be making an economic profit but only if implicit costs are negative.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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Chimelo46Chimelo46
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8 years ago
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#2
8 years ago
The textbook reference in your signature really helped me narrow it down.

Happy to help Wink Face
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