If a business's total economic cost of producing 1,500 units of a product is $15,000 and this output sold to consumers for $16,500, then the firm would earn an economic profit of:

In the long run, the Phillips curve is a ________ at ________

A) horizontal line; 0% inflation B) vertical line; the natural rate of unemployment C) vertical line; the expected rate of inflation D) negatively sloped line; the intersection of aggregate demand and short-run aggregate supply

Firms in a monopolistically competitive market will advertise because

A) they want to differentiate their products. B) they want to increase the elasticity of the demand curve. C) of the significant differences in their product over their competitors. D) the elasticity for their product is inelastic.