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Revenue, Cost, and Profit

10. The Costs of Production / Revenue, Cost, and Profit / Problem 3

Problem 3

A business has a total revenue of \$500,000, explicit costs of \$300,000, and implicit costs of \$100,000. What is the economic profit?

A

\$100,000

B

\$300,000

C

\$200,000

D

\$400,000