Problem
Consider a perfect competitive firm in short run profit scenario in which economic profit is positive. Describe the market adjustment that will affect this firm's position in the long run. What will be the profit maximizing rule in the long-run, and what type of profit will prevail in the long run? Use a diagram to illustrate the long-run scenario of this competitive firm.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.