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Use diagrams to Evaluate this statement.
Economics 9708 · AS & A Level · Perfect competition
Perfect competition — practice question
In perfect competition, subnormal and supernormal profits are seen only in the short run.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Monopolistic competition analysis explaining subnormal and supernormal profits and how they move toward normal profit” …
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