Respuesta :
In the longer run, the economic profits of typical firms in the industry will be equal to Zero.
To be in a long-run equilibrium means that the overall supply of the market is equal to the overall demand that is whatever the consumers are demanding the suppliers are providing them and fulfilling the needs of the consumers. Super snacking services is a competitive firm that has a monopoly in the snack market which means that within a particular area only the snacks of this company are available.
Now since the market remains in equilibrium, the products of super snacking services will be purchased by the consumers but because of its monopolistic nature consumers will demand new types of brands with variety which will be the cause of lesser profit making.
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Complete Question:
Super snacking services is a typical monopolistically competitive firm. Initially, the market is in long-run equilibrium, and then there is an increase in the market demand for snacks. In the long run, the economic profits of typical firms in the industry will be
