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Earning the higher accounting profit

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Reference no: EM131960707

Suppose Bill and Ted operate separate convenience stores in the same perfectly competitive market. Their stores are identical in every way except Bill has a much better location. In particular, assume that they have identical explicit cost. If the market is in long-run equilibrium, do Bill and Ted have the same implicit cost? Who is earning the higher accounting profit and how do you know?

Reference no: EM131960707

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