Question
1.Explain why firms in pure competition may earn short run economic profits or losses but will earn normal profits in the long run. 2.Explain the
1.Explain why firms in pure competition may earn short run economic profits or losses but will earn normal profits in the long run.
2.Explain the long run supply curve in an increasing cost industry and contrast that to a decreasing cost industry.
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The American Economy
Authors: Walter Greason, William Gorman
1st Edition
1524902675, 9781524902674
