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1. Many people search out and buy "bargains" at garage and yard sales. prepare down some implicit costs associated with this type of shopping.

2. Some companies advertise: 'We deal in high volume and pass savings onto you in form of lower prices."How could this be?

3. If competitive industry is presently losing money, what can be expected to occur to number of sellers, price of the product, volume of output and losses in this industry over time?

4. If competitive industry expands and higher wages should be paid to attract more workers thenwhat will long run supply curve for this industry look like?

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