A lobbyist arguing against a new regulation claims there is no market power in the phone industry with several differentiated competitors because economic profits are very small. What is right or wrong with this argument? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a The lobbyist is right--if there were market power, we'd have to see large economic profits as a result. b The lobbyist is right--if there are no economic profits, then we know that there's no market power. c The lobbyist is wrong--small economic profits are irrelevant. We need to know the accounting profit. d The lobbyist is wrong--monopolistically competitive industries have no economic profits in the long run