If Amazon is successful with its Amazon Go convenience store concept, these Amazon Go convenience stores

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Quizplus · Accepted Answer

The concept of economic profits being competed away in the long run is a fundamental principle of perfect competition. In the short run, a firm can earn economic profits due to innovation, unique positioning, or efficiencies. However, as other firms enter the market attracted by these profits, competition increases, leading to a decrease in prices and profits until only normal profits are earned, where total revenues equal total costs, including opportunity costs.

If Amazon Is Successful with Its Amazon Go Convenience Store