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For years you were the owneroperator of a small gift shop

Question - For years, you were the owner/operator of a small gift shop in a remote rural area with no competition nearby. As such you were making above average profits every year. Consequently, new competitors were attracted to your market and eventually you found yourself surrounded by many competitors. Compare the original situation with the new one. State what are the differences between the two situations?

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Microeconomics: For years you were the owneroperator of a small gift shop

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