Question: Create threads to answer the discussion question below. Discuss the following, as it relates to a Perfectly Competitive Market as discussed in the chapter. a.

Create threads to answer the discussion question below. Discuss the following, as it relates to a Perfectly Competitive Market as discussed in the chapter. a. What does the term freedom of entry and exit to the market mean? b. Will you find advertising in a perfectly competitive industry? Why? c. It is an assumption of perfect competition that, in the long run, no firm makes supernormal profits, only normal profit. What does this mean? d. Discuss the main problems with perfect competition. e. Why is the existence of perfect competition unlikely in the real world? Use terms and concepts from Chapter 7 in the textbook to explain. Then comment on at least 2 other students' discussion topics

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