How much profit are firms making

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Reference no: EM131633675

Suppose in a perfectly competitive market wheat has a price of $4.50 per bushel 

AVC is $4.25 

ATC is 5.25 

How much profit are firms making? 

What will happen in the short run in terms of profit 

What will happen in the long run in terms of profit?

Reference no: EM131633675

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