Which of the following statements accurately describe the relationship between economic profit and oligopoly? Select all that apply.

In an oligopoly, a few large companies dominate the market, which leads to unique conditions for economic profit. Economic profit is when a company's total revenue exceeds its total costs, including both explicit and implicit costs. In an oligopoly, firms can earn economic profits because they have some control over prices, unlike in a perfectly competitive market where competition drives prices down. For example, if two major car manufacturers dominate the market, they might set prices higher than the production costs, allowing them to earn significant profits. However, these profits can attract new entrants, which can eventually lead to increased competition and lower profits for the existing firms.