Suppose firms in a perfectly competitive market earn profits in the short run. Explain how this market
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Suppose firms in a perfectly competitive market earn profits in the short run. Explain how this market will reach a long-run equilibrium. Illustrate your answer with side-by-side graphs of the market and a representative firm.
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In a perfectly competitive market firms can earn profits or incur losses in the short run However over time the market will tend to reach a longrun eq...View the full answer
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