The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000. It has total variable costs of $30,000 and total fixed costs of $40,000. From this we can infer the:

A. shop sells 10,000 ice cream cones.
B. price is less than average total cost.
C. economic profits are $20,000.
D. shop will be closed in the long run.

Answer: C