Suppose a local floral shop has explicit costs of $200,000 per year and implicit costs of $50,000 per year.If the store earned an economic profit of $50,000 last year,the store's accounting profit equaled:

A) $10,000.
B) $50,000.
C) $100,000.
D) $200,000.

Implicit Costs

The opportunity costs that arise from using resources that could have been employed in an alternative use but were instead utilized in the current operation without direct payment.

Explicit Costs

Direct, out-of-pocket payments for goods and services used in the production of a product or provision of a service.

Accounting Profit

The difference between total monetary revenue and total monetary costs, excluding the consideration of opportunity costs.