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Graphically show the transition from short-run to long-run equilibrium for a monopolistic competitor. Begin by drawing a graph of short-run equilibrium. In the graph, have the firm make an economic profit at its profit-maximizing level of output. Identify its short-run profit, and then show and describe how profits will disappear in long-run equilibrium.
Contractual Obligations
Refers to the legally enforceable promises and duties that parties agree upon in a contract.
Legal Restrictions
Laws or regulations that limit or regulate certain activities or behaviors in order to protect public interest.
Negative Emotions
Feelings that are unpleasant or undesirable, such as sadness, anger, or fear.
On-the-job
Engaged in or pertaining to the performance of tasks, duties, or responsibilities within a work environment. A second explanation emphasizing practical, hands-on experience obtained while working.
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