Question

afari File Edit View History Bookmarks Window Help Take Test: Final Exam Winter 2018-19-(20007-wi. Question Completion Status QUESTION 3 Economic profit is the difference between total revenue and A sunk costs B implicit costs e sum of epist nd i c D explicit costs QUESTION 4 Which if the following is an example of an oligopoly market in which the firms produce a homogeneous product? A breakfast cereals C aluminum D tires Annwers Click Sove and Submit to sove and submit Click Sove All Ansuwers to soce all anssners 2 4

Answer 1

Economic Profit is the difference between the total revenue and sum of implicit and explicit costs. Economic profit also takes into account the opportunity cost or the implicit costs in addition to the explicit costs.

Aluminium is an oligopolistic market with homogeneous product because the output by each producer is similar or same and cannot be easily differentiated.

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