Problem
Blessings Economics Expert, please complete this question. Thank you in advance for your expertise, knowledge, and dedication.
Economists generally believe it is difficult to sustain profits in the long run under any market structure. However, the reasons for this may differ in different markets. In this context, write a short essay (two pages with references) that addresses the following:
1) What are economic profits?
2) Why do firms typically not earn economic profits in the long run?
3) What would allow a firm to earn economic profits in the long run? Give a real-world example.
4) As part of your essay also make sure to compare and contrast what generally happens to profits for the typical firm in the long run under the following three market structures: (1) perfect (or pure) competition, (2) monopolistic competition, and (3) pure monopoly.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.