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Which of the following correctly describe methods for calculating a firm's economic profits or losses?

I. Marginal revenue minus marginal cost multiplied by output.
II. Total revenue minus total costs.
III. Price minus average total cost multiplied by output.
IV. Price multiplied by output.

A

II only.

B

III only.

C

II and III only.

D

I, II, and III only.

E

I, II, III, and IV.

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