Suppose Finnegan's Irish Pub earned $10,000 in positive Economic Profit last year. Its Total Revenue was $100,000, and its Explicit costs were $80,000. How much were its Implicit Costs? Select one: O a. $80,000 O b. $30,000 c. $10,000 d. $20,000 Not yet answered

QUESTION 2 When the article said that Bird was making 19% gross margin profit, this is O A. Accounting profit O B. Economic Profit O C. Neither accounting nor economic profit. D. Cannot tell from the article what kind of profit с

Refer to the diagram to the right. In the long run, why will the firm produce Q, units and not Q units, which has a lower its average cost of production? OA. Although its average cost of production is lower when the firm produces Qg units, to be able to sell its output the firm will have to charge a price below average cost, resulting in a loss. B. The firm's goal is to charge a high price and make a small profit rather than a low price and no profit. O C. At Qg. average cost exceeds marginal cost so the firm will actually make a loss. Op. At Qg, marginal revenue t is less than average revenue cost which will result in a loss for the firm. Price and cost per unit ($) MR Q₁ QgQnQj Quantity MC ATC

Which of the following statements is correct? OA. Accounting profit is typically larger than economic profit. O B. Accounting profit equals the firm's revenues minus all of its costs, implicit and explicit. OC. Economic profit equals the firm's revenues minus its explicit costs O D. All of the above