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Consider a competitive industry with identical firm technologies and identical consumers. if short run economic profits are positive at current short run industry equilibrium price,
Consider a competitive industry with identical firm technologies and identical consumers. if short run economic profits are positive at current short run industry equilibrium price, graphically illustrate the process of entry and exit of firms which stablizes long run profits for all incumbent firms toward zero. Also, graphically identify with long run versus short run industry supply curves
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