Demonstrate graphically and explain what happens to excess profits in the long run.
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Demonstrate graphically and explain what happens to excess profits in the long run.
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In the long run excess profits tend to disappear in competitive markets This is because the existence of excess profits attracts new firms to enter th...View the full answer
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Related Book For 
Economics An Introduction To Traditional And Progressive Views
ISBN: 9780765616685
7th Edition
Authors: Howard J. Sherman, E. K. Hunt, Reynold F. Nesiba, Phillip A. O'Hara, Barbara A. Wiens-Tuers
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