Describe the Process That Would Occur in the Long Run

question 144

Essay

Describe the process that would occur in the long run in a competitive industry if there were economic profits. Illustrate this with a diagram.

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Definitions:

Behavioural Therapy

A therapeutic approach focusing on altering unwanted behaviors through various techniques like conditioning.

Smoking Habit

The regular practice of smoking tobacco, often leading to nicotine addiction and associated health risks.

Aversion Therapy

A type of behavioral therapy that involves pairing an unwanted behavior with discomfort to condition an aversion to the behavior.

Mental Image

A representation in a person's mind of the physical world outside of themselves, which can be created from sensory experiences or imagination.