In what market type would you most prefer to manage a
business? Explain why. What skills do you have that would allow you
to be especially successful in this market type? In what market
type would it be most difficult for you to manage a business? What
is it about the competition within this market type that would make
success a challenge?
Firm X is earning above normal profits in the short run.
What will likely happen to these profits in the long run given the
following market types?
o Monopolistic competition
o Perfect competition
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