1. A firm with explicit costs of $2 million, no implicit costs, and total revenue of $3 million would have (LO2) a) zero economic profit b) zero accounting profit c) an accounting profit and an economic profit of $1million d) a higher economic profit than an accounting profit e) a higher accounting profit than economic profit 220 200 MC ATC 180 AVC 160 140 120 D, MR Price ($) 100 80 60 40 20 10 20 30 40 50 60 70 80 90 100 Output Figure 1 2. In Figure 1, at which output is the firm operating most efficiently? (LO7) a) 30 C) 46 b) 39 d) 50