Firms in the short-run earning above-normal profits
Problem: Assume that firms in the short-run are earning above-normal profits. Explain what will happen to these profits in the long-run for the following markets:(A) Pure monopoly
(B) Oligopoly(C) Monopolistic competition(D) Perfect competition
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Problem: Assume that firms in the short-run are earning above-normal profits. Explain what will happen to these profits in the long-run for the following markets:
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Even if firms in a monopolistically competitive market collude successfully and fix price, economic profit will still be competed away. Explain (include an explanation of economic profit in your explanation).
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