Explain the process of free entry and exit of competitors in the long term in the event
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Question:
Explain the process of free entry and exit of competitors
in the long term in the event that the price is different from the long-term equilibrium price.
Put yourself in two cases, if the current price is
higher than long-term equilibrium, and
If there is a price lower than the long-term equilibrium price.
Establish what the difference is
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