Question: Explain why there are no long-run economic profits in a perfectly competitive market by answering the questions below: (a) If there are short-run economic profits,

Explain why there are no long-run economic profits in a perfectly competitive market by answering the questions below: (a) If there are short-run economic profits, what forces eliminate these profits in the long-run? (b) If there are short-run economic losses, what forces eliminate these losses in the long-run

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