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Your mate, whose business is operating in the long run, told you that he would keep running his business because he is making a normal

Your mate, whose business is operating in the long run, told you that he would keep running his business because he is making a normal profit. Explain, using diagram(s) what is a normal profit and why is your mate happy to keep the business in operation. (assuming that he is in a perfectly competitive industry) 3 Marks

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