Please help me, I don't understand. Thank you

(444360/quizzes/1099511/take Question 26 1 pts Suppose Thomas's Magical, Mystical, Medicinal (Indoor) Wheat company is a perfectly competitive firm. Thomas's marginal cost is $35, his price is $40, and his average total cost is $35. Thomas now is maximizing his profit and is making an economic profit. is not maximizing his profit but is making an economic profit anyway. O might be maximizing his profit and is making a normal profit. O might be maximizing his profit and is making an economic profit. None of the above answers are correct. Question 27 1 pts If the quantity of labor you supply does not change when you get a raise, which of the following is true? Your substitution effect is greater than your income effect. O Your substitution effect is less than your income effect. O Your substitution effect equals your income effect. None of the above answers are correct