Question: Using appropriate diagrams explain how a perfectly competitive firm will maximize profits in the long run. Explain how a reduction in competition in the market

Using appropriate diagrams explain how a perfectly competitive firm will maximize profits in the long run. Explain how a reduction in competition in the market will reduce consumer welfare

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Using appropriate diagrams explain how a perfectly competitive firm will maximize profits in the long run. Explain how a reduction in competition in the market will reduce consumer welfare.

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