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Question 4 [14 Marks] 4.2) Assume that a firm is operating in a perfectly competitive market and is currently making an economic loss. i) In

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Question 4 [14 Marks] 4.2) Assume that a firm is operating in a perfectly competitive market and is currently making an economic loss. i) In the short run, illustrate graphically the demand and supply curves of the firm. (10 Marks) ii) Describe what will happen to the firm's profit in the long run. (4 Marks)

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