Question: 1. Explain the difference between the short-run and long-run in a perfectly competitive market. 2. Pick an example of a real-life market (for example, banking,

1. Explain the difference between the short-run and long-run in a perfectly competitive market. 2. Pick an example of a real-life market (for example, banking, telecommunication, etc.). Explain what market structure (perfect competition, monopoly, or monopolistic competition, oligopoly) your selected market belongs to and explain your

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