Profits in the long-run, Suppose that firms in the

Profits in the long-run

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Reference no: EM1370635

1) Suppose that firms in the short-run are earning above-normal profits. Describe what will take place to these profits in long-run for the following markets:

i) Pure monopoly

ii) Oligopoly

iii) Monopolistic competition

iv) Perfect competition

Reference no: EM1370635

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