Please answer in detail and with economic terms rather Than general.

A. What are the characteristics of a perfectly competitive market? Why does perfect competition arise? Explain why the competitive output maximizes welfare. [3 points] B. Pat's Pizza Kitchen is a price taker. Its costs are given in Table 1. Table 1 Output Total cost (pizzas per hour) (dollars per hour) 0 10 1 21 2 30 1. W 41 54 5 69 i. Calculate Pat's profit-maximizing output and economic profit if the market price is - $14 a pizza. - $12 a pizza. . $10 a pizza.ii. What is Pat's shutdown point and what is Pat's economic prot if it shuts clown temporarily?I [2 points] iii. Derive Pat's supply curve. [2 points] C. What triggers entry in a competitive market? Describe the process that ends further entry. [2 points]