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5. An acquaintance of yours finds out that you are an economics major/minor and says, Economics is so unlike the real world. I took one

5. An acquaintance of yours finds out that you are an economics major/minor and says, "Economics is so unlike the real world. I took one econ class and my professor said that perfectly competitive firms make no economic profits in the long run. What a joke!! Firms don't make 'zero profit' in the real world-why would they operate if that were true!?" How would you respond to this person? (2 pts)

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