Question: a. Your mate, whose business is operating in the long run, told you that he is still in the business because he is making a

a. Your mate, whose business is operating in the long run, told you that he is still in the business because he is making a normal profit. Explain, using diagram(s) what is a normal profit and why is your mate happy to keep the business in operation. (assuming that he is in a perfectly competitive industry). Please give with diagram

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