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1. Briefly explain the nature of a perfectly competitive firm. Briefly discuss the effects of new entrants into a perfectly competitive market on existing firms

1. Briefly explain the nature of a perfectly competitive firm. Briefly discuss the effects of new entrants into a perfectly competitive market on existing firms that have profits in the short run.

2. Briefly explain what is meant by: 1) accounting profit; 2) economic profit; and 3) zero economic profit.

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