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Discuss productive efficiency and locative efficiency

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Reference no: EM131575063

a) What is the effect on the economic profits of a firm who is currently enjoying short run economic profit operating in the perfect competitive structure changes and adjusts towards the long run equilibrium price structure in the perfect competitive markets? What conclusions can you derived from this on the long run equilibrium price in the perfectly competitive structure?

b) Discuss productive efficiency and locative efficiency in the long run between the Perfect competitive Structure and the Monopolistic Competitive Structure.

Reference no: EM131575063

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