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Explain how in perfectly competitive markets, profit seekingcan be a good thing for the economyas a whole. (Hint: specifically think of the long run equilibrium

Explain how in perfectly competitive markets, profit seekingcan be a good thing for the economyas a whole. (Hint: specifically think of the long run equilibrium adjustment process and outcome)
Explain how in a monopoly market, profit seeking is a bad thing for the economyas a whole.
From a moral perspective, is profit seeking a good or bad behavior?

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