Unit 2.11: Diagram revision

IB Economics: Unit 2.11: Diagram revision

1. Complete the following diagrams:Perfectly competitive firm in the LRPerfectly competitive firm making a lossPerfectly competitive firm making abnormal profitMonopoly firm making a loss2. Complete the following sentence:(a) Firms in monopolistic competition and perfect competition will make normal profits in the long run because there are no ­­­___________________ to _____________

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