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a) what is the effect on the economic profits of a firm who is currently enjoying short run economic profit operating in the perfect competitive
a) what is the effect on the economic profits of a firm who is currently enjoying short run economic profit operating in the perfect competitive structure changes and adjusts towards the long run equillibrium price structure in the perfect competitve markets? what conclusionscan you derived from this on the long run equillibrium price in the perfectly competitve structure?( illustrate with graphs)
b) discuss productive efficiency and allocative efficiency in the long run between the Perfect competitive Structure and the Monopolistic Competitive Structure.
