Reference no: EM13740768
1. If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits
Select one:
a. only in a perfectly competitive or a monopoly market structure.
b. only in the short run.
c. only in an oligopolistic or a monopolistically competitive market structure.
d. only if it is a monopoly.
e. only if it is an oligopoly.
2. When economic profit is positive,
Select one:
a. accounting profit can be negative.
b. accounting profit can be zero.
c. accounting profit must be positive.
d. total revenue is maximum.
e. a normal profit is earned.
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