If you give up a job where you earn $50,000 a year to start your own business where you expect to make an accounting profit of $125,000 a year, then your economic profit will be

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$75,000

$175,000

$50,000

$125,000

The demand curve an individual firm faces under perfect competition is

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Perfectly elastic because its product is perfectly substitutable for the products made by all other firms

Perfectly inelastic because the firm supplies the entire market

Perfectly elastic because the firm supplies the entire market

Perfectly inelastic because its product is unique

In a perfectly competitive market, if the price of a mango is $15 then to maximise economic profit a firm will choose an output level where marginal cost is

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Equal to $0

Greater than $15

Equal to $15

Less than $15

Firms cannot make an economic profit in the long run in

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Oligopoly

Perfect competition and oligopoly

Perfect competition and monopolistic competition

Monopolistic competition and monopoly

The kinked demand curve for an oligopolist is

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Relatively elastic or inelastic above or below the kink depending on market conditions

Relatively elastic above the kink and inelastic below the kink

Relatively inelastic above the kink and elastic below the kink

Perfectly elastic above the kink and perfectly inelastic below the kink