For the past three years, you have earned economic profits of $5,000 per year by being the only vendor selling bottled tap water at your town's Fourth of July celebration. When you go to city hall to apply for a vending permit for this year's celebration, the city clerk mentions that fifty new firms have received permits to sell tap water this year.
-What can you do to protect your economic profit in the long run?

Question

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The Answer of For the past three years, you have earned economic profits of $5,000 per year by being the only vendor selling bottled tap water at your town's Fourth of July celebration. When you go to city hall to apply for a vending permit for this year's celebration, the city clerk mentions that fifty new firms have received permits to sell tap water this year.
-What can you do to protect your economic profit in the long run?

For the Past Three Years, You Have Earned Economic Profits