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Discuss contestable markets. What happens to profits in the short run and the long run?
Sternberg
Refers to Robert Sternberg, an American psychologist best known for his theory on love and intelligence.
Concrete
Referring to tangible or specific objects and events, as opposed to abstract concepts.
Tangible Objects
Physical items that can be perceived by the sense of touch, as opposed to abstract concepts or ideas.
Abstract Concepts
Ideas that do not have a physical form, often complex and not directly observable, such as justice or freedom.
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