Question: A. Your mate, whose business is operating in the long-run, told you that he would keep running his business because he is making a normal

A. Your mate, whose business is operating in the long-run, told you that he would keep running his business because he is making a normal profit.Graphically represent normal profit and explain why your mate is still in his business.

B. Why is a perfectly competitive market structure very unlikely to exist in the real world?

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