ection 1. (75 pt.) 1. (10 pt.) Explain why the market for gold can be viewed as a "perfectly competitive market." How is the price of gold determined? Are there a large number of buyers and sellers? Do individual firms buying or selling gold have the power to set price? Is this a standardized product? is there "free entry or exit" in this market? Are there any 1000- pound gorillas in this market that have the ability influence the price of gold? Watch a little Gold Rush to get a feel for the production function for a small gold producer: https:/www.youtube.com/watch?v=hNAcmFY2jFA 2. (5 pt.) Has there been an increase or decrease in demand? Remember that some of the factors that could shift the demand curve include changes in preferences, income, the price of substitutes or complements, or a change in the number of consumers in the market. Explain your reasoning carefully. 3. (5 pt.) Has there been an increase or decrease in supply? Remember that some of the factors that could shift the supply curve include changes in the costs of materials, wages, or other inputs, changes in technology or the number of firms in the market. Explain your reasoning carefully