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Explain the supply and demand model

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Say the ice market is perfectly competitive. What would be your assumptions for this?. Show using the supply and demand model that a rise in the price of ice could help a ice producer/supplier earn positive economic profits in the short run. Also use the supply and demand model to show that in the long run, the individual face mask producer/supplier can only earn zero economical profits.

Reference no: EM133083681

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