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Question
Long-run economic profits are possible under
A) perfect competition and oligopoly.
B) monopolistic competition and monopoly.
C) oligopoly and monopoly.
D) monopolistic competition and oligopoly.
Answer
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Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firmʹsA) accounting profit was $1,000, and its economic profit was -$500. B) accounting and economic profits were both $1000.C) accounting profit was -$500, and economic profit was $1,000. D) accounting profit was $1000, and economic profit was -$1,500.
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Why?
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