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I’m working on a economics writing question and need an explanation and answer to help me learn.
Discuss why in real economy there is no perfect example of a perfectly competitive firm.
Discuss the difference between the accountant’s concept of profit and the economist’s view of profit?
Profits or losses must be temporary for perfectly competitive firms. Why?
In the short-run, the lowest price that a perfectly competitive firm will accept without closing its doors is found by examining the average variable cost curve.
Explain how the short-run industry supply curve for a perfectly competitive market is derived
