Economics 304 , Microeconomics

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1. Implicit and explicit revenues minus implicit and explicit costs equals:
A. accounting profit.
B. economic profit.
C. zero profit.
D. implicit profit.

2. A business owner makes 50 items by hand in 6 hours. She could have earned $10 an hour working for someone else. If each item sells for $5 and the explicit costs total $14, economic profit equals:
A. $0.
B. $64.
C. $176.
D. $236.

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