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Why the industry supply curve is not the long run industry

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Reference no: EM13321637

1. Why would a firm that incurs losses choose to produce rather than shut down?

2. Explain why the industry supply curve is not the long run industry marginal cost curve. 3. In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?

3. What is the difference between economic profit and producer surplus?

Reference no: EM13321637

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