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Name Module 60 Featured Worksheet 2 Long-Run Equilibrium and Efficiency in Perfect Competition Draw a correctly labeled graph for a purely competitive firm in long-run

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Name Module 60 Featured Worksheet 2 Long-Run Equilibrium and Efficiency in Perfect Competition Draw a correctly labeled graph for a purely competitive firm in long-run equilibrium. Show the profit- maximizing level of output. 1. Is the firm allocationefficient? Explain. 2. Is the firm productively efficient? Explain. 3. Is the firm earning a profit? Explain

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