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Using an illustration explain how a perfectly competitive

Using an illustration explain how a perfectly competitive firm might be:

a. Earning an accounting profit and zero economic profit

b. Earning an accounting profit and an economic profit

c. Earning an accounting profit and an economic loss.

d. Be sure to explain in each case what will happen to the number of firms in the market place and why it will happen.

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Business Economics: Using an illustration explain how a perfectly competitive

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