Diagram a Model of a Perfectly Competitive Market and a Separate

question 8

Essay

Diagram a model of a perfectly competitive market and a separate model of a firm experiencing economic profits.Explain and illustrate on your models the changes that take place in the long run.Be sure to explain why any changes take place.

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Definitions:

Synergy

The cooperation or interplay between two or more entities, materials, or forces, resulting in a combined outcome that surpasses the total effects of each one operating independently.

Out Of The Box

Thinking or ideas that are creative and unconventional, not limited by existing norms or perceptions.

Technical Prowess

Technical prowess refers to expertise or skill in a particular technical field or discipline.

Meetings

Gatherings of people, physically or virtually, to discuss and decide on various topics or issues.