Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $300 per unit, its accounting profits were Multiple Choice $100,000 and its economic profits were $0. $200,000 and its economic profits were $0. $100,000 and its economic profits were $100,000. $0 and its economic loss was $200,000.
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