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Please answer in simple terms (and not copy and pasted please!) 1. What does it mean for a firm to have normal profit? 2. What

Please answer in simple terms (and not copy and pasted please!)

1. What does it mean for a firm to have normal profit?

2. What does a constant-cost industry mean?

3. If firms are profitable in a perfectly competitive market, what will happen?What if firms are experiencing losses?

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