If the total costs of producing 1,500 units of output is $15,000 and this output sold to consumers for a total of $16,500, then the firm would earn economic profits of

A) $31,500.
B) $16,500.
C) $1,500.
D) $15,000.

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues, which is a more comprehensive measure of true profitability.

Total Costs

The complete costs involved in the production of goods or services, including both fixed and variable costs.

Output Sold

The quantity of a company's products or services that have been purchased by customers.