Question: a)What is perfect competition? b)Develop a model demonstrating a possible result for one producer in the short run. c)What may be the adjustment in the

a)What is perfect competition?

b)Develop a model demonstrating a possible result for one producer in the short run.

c)What may be the adjustment in the short run?(explain and demonstrate)

d)What is the long run? Use a graphical model to show and explain.

e)Is there a steady state equilibrium for any one producer in the long run?

f)Why is this structure considered to be efficient?

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