Question: The fixed costs incurred by a small genetics research lab are $200,000 per year. Variable costs are 60% of the annual revenue. If annual revenue

The fixed costs incurred by a small genetics research lab are $200,000 per year. Variable costs are 60% of the annual revenue. If annual revenue is $300,000, the annual profit/loss is most nearly which answer below?
(a) $66,000 profit
(b) $66,000 loss
(c) $80,000 profit
(d) $80,000 loss

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