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QUESTION 2 [12 MARKS] (a) Use a graph to demonstrate the circumstances that would prevail in a competitive market where firms are earning economic profits.
QUESTION 2 [12 MARKS]
(a) Use a graph to demonstrate the circumstances that would prevail in a competitive market where firms are earning economic profits. [5 Marks]
(b) Can this scenario be maintained in the long run? Explain your answer. [7 Marks]
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