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- How is it possible for perfectly competitive firms to maximize profit in the short run versus in the long run?When might a competitive firm shutdown in the short run and exit the market in the long run?You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following? The number of farms can new firms enter the market? If they can, what will happen to the market supply curve? If they cannot enter, explain.
