Question: please answer asap Question 2 (Total: 10 marks) Assume that firms are earning economic profits in the short run. Explain what happens to the long

please answer asap please answer asap Question 2 (Total: 10 marks)

Question 2 (Total: 10 marks) Assume that firms are earning economic profits in the short run. Explain what happens to the long run profits when the firms operate in the following market structure: (a) Pure monopoly (b) Monopolistic competition (c) Perfect competition (10 marks)

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