Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $300 per unit, its accounting profits were: A) $100,000 and its economic profits were zero. B) $200,000 and its economic profits were zero. $100,000 and its economic profits were C) $100,000. D) zero and its economic loss was $200,000.

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Q: Suppose that a business incurred implicit costs of $200,000 and explicit cost of$1million in a…

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