1. Economic profit is the difference between a firm's total revenue and its

Select one:

a. average costs.

b. explicit costs.

c. opportunity costs not measured in explicit costs.

d. accounting costs.

e. economic costs.

2. What is the difference in profit maximization between the perfect competitor and all other types of firms?

Select one:

a. There is no difference.

b. The difference is that for the perfectly competitive firm, marginal revenue, demand, and price are identical.

c. The difference is that for the monopolist firm, marginal revenue, demand, and price are identical.

d. The difference is that for the monopolistically competitive firm, marginal revenue, demand, and price are identical.

e. The difference is that for the oligopolistic firm, marginal revenue, demand, and price are identical.