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:

Theoretical Perspectives

Fundamental assumptions or models that guide thinking, research, and understanding in a scientific or academic field.

Unconscious

The part of the mind that contains thoughts, memories, and desires not within the realm of conscious awareness, influencing behavior and perceptions.

Phobia

An intense, irrational fear of specific objects, situations, or activities.

Cultural Heritage

The legacy of physical artifacts and intangible attributes of a group or society inherited from past generations, valued for its cultural, emotional, or historical importance.