Why that firm will not earn negative economic profit

Reference no: EM131335240

1. Explain why a firm will be unable to earn positive economic profit in the long run if other firms can freely enter and compete with the existing firm. Explain why that firm will not earn negative economic profit in the long run

2. Can accounting profit be positive if economic profit negative? Can accounting profit be negative and economic profit positive? Explain.

Reference no: EM131335240

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