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

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,

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.