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Assuming long-run equilibrium, answer the following questions for each market structure

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Assuming long-run equilibrium, answer the following questions for each market structure.

a. Does the firm earn economic profits? Explain why or why not.

b. If the firm does not earn profits in the long-run, will it remain in business? Explain why or why not.

1. Perfect competition:

a. _

b. _

2. Monopoly:

a. _

b. _

3. Monopolistic competition:

a. _

b. _