Use a diagram and explain the long-run equilibriu

Use a diagram and explain the long-run equilibrium of the firm in a perfectly

competitive market.

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    ***** *** ********** of ******** profits we *** easily *** why in perfect competition they **** ****** ***** **** ** *** long *** ******* ***** *** *** ********** ** *** ******* *** that ***** ** ******** * *** ******* ******** ******* ** ********** ***** ** Industry * are ******* a ****** greater than *** ****** ********* ** ******** * **** ***** **** ***** ** ******** * *** earning less **** **** ***** ** Industry A ***** in ******** B *** ************ ******** *******

    *****

    **** entry and **** **** firms ** Industry * will ***** ** *** enter Industry A to **** *** greater ******* available ***** ** **** ** ** *** ****** ***** ** ******** B **** ***** ** *** **** ********** prices *** ******* there As ****** ******** B ***** ***** Industry * *** ****** ***** ** ******** A **** ***** ** *** right ******** ******* in * The ******* of ***** leaving ******** * *** ******** A **** continue until firms ** both ********** *** ******* **** economic ****** **** ******** ** ********* long-run *************** profits in * system ** ********* *********** ******* **** in the **** *** be driven ** **** ** all **********

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    ****** find the *********

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    long run equilibrium.docx

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    **** *** ******** answer in the ******** ****

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    Answers.docx

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