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A firm is able to make supernormal profits in the short run, but is only able to make normal profits in the long run. In
Posted: Thu May 19, 2022 7:36 am
by answerhappygod
- A Firm Is Able To Make Supernormal Profits In The Short Run But Is Only Able To Make Normal Profits In The Long Run In 1 (31.71 KiB) Viewed 37 times
A firm is able to make supernormal profits in the short run, but is only able to make normal profits in the long run. In which of the following market structures could this accurately reflect the position of the firm? (3 marks) (a) Only monopoly. (b) Only monopoly and monopolistic competition. (c) Perfect Competition, monopolistic competition and monopoly. (d) Perfect Competition, monopolistic competition and potentially oligopoly. depending on how firms are competing with each other.