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How do firms compete with each other in the industry, both in terms of price and non-price competition? Are some firms in the industry able

  • How do firms compete with each other in the industry, both in terms of price and non-price competition?
  • Are some firms in the industry able to earn economic profits in the long run? Why or why not?
  • To support your response, be sure to reference at least one properly cited scholarly source.

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