Question

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.

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.