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kindly watch first the videoclip before answering question https://www.youtube.com/watch?v=krUu_u63MiA entitles: From Short-run to Long-run in Perfect Competition Answers should be relevant to the videoclip,concise and
kindly watch first the videoclip before answering question
https://www.youtube.com/watch?v=krUu_u63MiA
entitles: From Short-run to Long-run in Perfect Competition
Answers should be relevant to the videoclip,concise and complete to get the maximum points for each question.
- Explain how an individual firm makes
a) economic profits,
b) breaks-even and
c) loses from short run to long run.
2.What causes the price to increase? to decrease? Explain your answer.
3. What will be the effect to the equilibrium price as firms leave the industry?
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