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. Explain how the long run differs from the short run in pure competition. 2. Relate oppo

. Explain how the long run differs from the short run in pure competition. 2. Relate oppo

. Explain how the long run differs from the short run in pure competition.

2. Relate opportunity costs to why profits encourage entry into purely competitive industries and how losses encourage exit from purely competitive industries.

3. How do the entry and exit of firms in a purely competitive industry affect resource flows and long-run profits and losses?

Abhinav 05-Dec-2019

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