If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
Correct Answer: Option D
Explanation:
Economic profit = Total revenue(Output) - Opportunity cost of input
= 1,000,000 - 750,000
= 250,000
Economic profit = Total revenue(Output) - Opportunity cost of input
= 1,000,000 - 750,000
= 250,000