In a given year, a business's total revenue is $225,000, its explicit costs are $100,000 and its
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In a given year, a business's total revenue is $225,000, its explicit costs are $100,000 and its implicit costs are $50,000. Which of the following apply to this firm? Multiple select question. Its economic costs are $150,000. Its accounting profit is $125,000. Its economic profit is $55,000.
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