Refer to Scenario 7.5 below to answer the question(s) that follow.SCENARIO 7.5: You own and are the only employee of a company that customizes bicycles. Last year your total revenue was $60,000. Your costs for rent and supplies were $25,000. To start this business you invested an amount of your own capital that could pay you a $45,000 a year return.Refer to Scenario 7.5. Your economic profit last year was
A. -$20,000.
B. -$10,000.
C. $15,000.
D. $35,000.
Answer: B
Economics
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a. factor market b. perfectly competitive market c. open market d. closed market e. equilibrium market
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Economics