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:

The simple circular-flow diagram is a model that includes only some key players in the real economy. Which of the following key players are omitted from the simple circular-flow model?

a. households b. firms c. government d. markets for factors of production

If there are many firms participating in a market, the market is either

a. an oligopoly or monopolistically competitive. b. perfectly competitive or monopolistically competitive. c. an oligopoly or perfectly competitive. d. an oligopoly or a cartel.