A small business owner earns $60,000 in revenue annually. The explicit annual costs equal $10,000. The owner could work for someone else and earn $25,000 annually. The owner's accounting profit is ________ and owner's economic profit is ________
A) $20,000; $5,000
B) $50,000; $25,000
C) $25,000; -$5,000
D) $45,000; -$5,000
B
Economics
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Answer the following statement true (T) or false (F)
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The table above shows the marginal private benefit, marginal social benefit, and marginal cost of education at the College of Epsilon. What is the efficient number of students at the college?
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