Question

“Only normal profit prevails in the long run under perfect market.” Defend or refute

the statement explaining the reason.​

Answer 1

Answer:

yes

Explanation:

because if profits will be abnormal more firms will enter in market leading to increse in supply which results in decrease in prices and abnormal profits will be wiped out...

on contrary if profits will be subnormal some firms may leave leading to decrease in supply and increase in prices hence sub normal profits will be wiped out

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