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PLEASE IN YOUR OWN WORDS PLEASE DONT USE ARTIFICIAL INTELLIGENCE In the long run, in a competitive market, when firms are free to enter and

PLEASE IN YOUR OWN WORDS

PLEASE DONT USE ARTIFICIAL INTELLIGENCE

In the long run, in a competitive market, when firms are free to enter and leave the industry and no one firm has any particular advantage of skill or location, do you think that existing firms will be still able to gain excess profits (abnormal profit) in the industry? why or why not? Support your answer with quotes and cite accordingly.

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