estion 2 A firm has explicit costs of $110,000 and total revenue of $120,000. Which of the following is true about the firm? O The firm is definitely making an economic profit because it must be minimizing its opportunity cost. O The firm might be making an economic proft but we need more information about implicit costs to know for sure. O The firm may be making an economic profit but only if implicit costs are negative. O The firm is making a normal profit if implicit costs are So. C The firm is incurring an economic loss if implicit costs are $10,000 Moving to the next question prevents changes to this