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Draw a diagram that depicts a short-run equilibrium of a profit-maximizing firm in the model of Pure Competition (which we call Perfect Competition in the

Draw a diagram that depicts a short-run equilibrium of a profit-maximizing firm in the model of Pure Competition (which we call Perfect Competition in the long-run). In this diagram illustrate a situation where the firm is earning excess or super-normal profit in the short-run. Will this super-normal profit persist in the long-run

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