Question: 7) Explain how either economic profit or loss minimization could be representative of the short-run profitability realized by firms within a monopolistically competitive market, but

7) Explain how either economic profit or loss minimization could be representative of the short-run profitability realized by firms within a monopolistically competitive market, but breakeven or normal profit, represents the definitive long-run profitability that will come to exist for the firms operating in that market.

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