If a firm has total revenue of $100,000, the owner's labor in the firm is valued at $20,000, and the firm has explicit costs of $90,000, then the firm has earned a(n) negative economic profit of $10,000 O accounting profit of $20,000. economic profit of $10,000. O accounting loss of $10,000.

If a firm has total revenue of $100,000, the owner's labor in the firm is valued at $20,000, and the firm has explicit costs of $90,000, then the firm has earned a(n) negative economic profit of $10,000 O accounting profit of $20,000. economic profit of $10,000. O accounting loss of $10,000.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Quiz Exam #2 (GRADED; 84-Point Max
If a firm has total revenue of $100,000, the owner's labor in the firm is
valued at $20,000, and the firm has explicit costs of $90,000, then the
firm has earned a(n)
negative economic profit of $10,000
O accounting profit of $20,000.
economic profit of $10,000.
O accounting loss of $10,000.
3 pt

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