Assume that you own a sole proprietorship. Your first year earnings were $75,000, and your explicit costs were $55,000. If you could have worked at another establishment and earned $25,000, which of the following is true
a. Your firms earned an economic profit of $20,000
b. Your firms total implicit costs were $80,000
c. Your firm substained an economic loss of $5,000
d. Your firms total costs are $100,000
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