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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.
Terms of Trade
The ratio at which a country can trade its exports for imports from other countries, reflecting the relative prices of goods between nations.
Exchange Rate
The ratio at which two currencies are traded. The price of one currency in terms of another.
Imported Product
Items or services that are transferred into a country from abroad with the intent to sell or use them.
Specialize
To focus on a narrow area of knowledge or activity, often to increase efficiency and productivity in the production of goods or services.
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