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A firm is earning positive accounting profits of $1,000 and negative economic profits of $2,000. Therefore, the firm's explicit costs must be $2,000 implicit costs
A firm is earning positive accounting profits of $1,000 and negative economic profits of $2,000. Therefore, the firm's
explicit costs must be $2,000 implicit costs must be $2,000 explicit costs must be $3,000 implicit costs must be $3,000 profits must be normal
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