Question: CAN SIR HELP ME COMPLETE IN 45 MINS a. Explain whether a perfectly competitive firm is known as a price taker or price setter. [5

CAN SIR HELP ME COMPLETE IN 45 MINS

a. Explain whether a perfectly competitive firm is known as a price taker or price setter. [5 Marks]

b. Suppose that a perfectly competitive industry is in long-run equilibrium, and demand increases.

Explain the short- and long-run effects on the firm and the industry.

[5 Marks]

c. Discuss about the "kinked-demand curve" in a game theory.[10 Marks]

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