Solve the Mcqs no explanation please:

Total revenue minus total cost including both implicit and explicit cost.

Accounting profit

Economic profit

Financial profit

a&c both

----- is the property whereby long-run average total cost rises as the quantity of output increases

Economies of scale

Diseconomies of scale

Constant returns to scale

None of the above

Which of the following is a condition of pure competition

There are many buyers and many sellers in the market

Firms can freely enter or exit the market

a&b both

none of the above

If marginal cost is greater than marginal revenue, the firm should ---------- its output

Increase

Decrease

Keep unchanged

None of the above

The firm should shut down if

TR

TR>VC

TR=VC

None of the above

If price is above average total cost curve, the firm has --------

Losses

Positive profit

No profit, no loss

None of the above