Discuss the long-term effects in a perfectly competitive market if an existing firm is making profits and also losses . Use appropriate graphs to illustrate your explanations.

In the long run,the profits and losses under perfectly competitive industry tend to get eliminated…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Discuss the long-term effects in a perfectly competitive market if an existing firm is making profits and also losses . Use appropriate graphs to illustrate your explanations.

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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