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a. Suppose after midterm 2, and in preparation for the final exam, your study mate argues that a firm in a competitive industry will be maximizing profit both in the short run and in the long run. Do you agree? Why or why not? b. Suppose a firm in a competitive market chooses its optimal combinations of capital and labour to produce its profit maximizing level of output. Suppose again that, the wage rate falls. How would the decrease in wages affect the firm's demand for capital