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    ECON 203 Part IV

    1. What are the entrepreneur’s economic profits from this activity?

    Use the graphs below to answer questions 27 – 30.

    1. What curve does graph (1) represent?
    1. What curve does graph (2) represent?
    1. What curve does graph (3) represent?
    1. What curve does graph (4) represent?
    1. Briefly (less than 25 words) explain the economic difference between the long run and the short run.

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