Suppose that the implicit cost for a business was $2,000 and the explicit cost was $5,000 and that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firm's

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The explicit cost was $5,000, and the implicit cost was $2,000. Therefore, the total economic cost was $7,000. The revenue earned from selling 1,000 units of the products was $7,000 (i.e., $7 x 1,000), which means that the accounting profit was $7,000 - $5,000 = $2,000. However, to calculate economic profit, we need to subtract the total economic cost from the revenue, which gives us $7,000 - $7,000 = $0. Therefore, the accounting profit was $2,000, and the economic profit was $0. The correct answer is D.

Suppose That the Implicit Cost for a Business Was $2,000