Which of the following is an example of a product sold by an undifferentiated oligopoly?

The long-run price elasticity of demand for electricity is ________ the short-run price elasticity of demand for electricity

A) greater than B) less than C) equal to D) not comparable to E) unrelated to

If your business earns $10,000 in revenues, has explicit costs of $7,000, and implicit costs of $5,000, your economic profit is

A) $2,000. B) -$2,000. C) $5,000. D) $3,000.