The table above shows the demand and costs for a single-price monopolist. The firm can maximize its profit by selling

Refer to the scenario above. Using 2013 as the base year, what is the real GDP of the economy in 2012?

A) $50,000 B) $52,500 C) $40,500 D) $49,500

Economic profit can be calculated as

A) total revenue - explicit costs. B) total revenue - implicit costs. C) total revenue - explicit costs - implicit costs. D) total revenue - fixed costs.