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Q5. What happens in a competitive market when there are positive economic profits? Will this situation last? (Hint: What is the long run adjustment that

Q5. What happens in a competitive market when there are positive economic profits? Will this situation last?

(Hint: What is the long run adjustment that leads to a return to normal profits or zero economic profits.)

Q6. What can be said of price, long-run average total cost and long-run marginal cost in competitive market?

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