Please answer the ff thanksss

ACTIVITY 1 1. Suppose Lee Company is operating in a perfectly competitive market. They have been told that in the short run, advertising can help them increase their sales. Should Lee Company create an aggressive advertising campaign their product? 2. Even if my rms le for bankruptcy every year, they still continue operating. Why would they do this instead of completely shutting down? 3. Imagine that you are managing a small rm and thinking about entering the market of a monopolist. The monopolist is currently charging a high price, and you have calculated that you can make a nice prot charging 10% less than the monopolist. Before you go ahead and challenge the monopolist, what possibility should you consider for how the monopolist might react? 4. Why are generic pharmaceuticals signicantly cheaper than name brand ones? 5. Firms in a perfectly competitive market are said to be \"price takers\"that is, once the market determines an equilibrium price for the product, rms must accept this price. If you sell a product in a perfectly competitive market, but you are not happy with its price, would you raise the price, even by a cent? 6. What is a \"price taker\" rm? 7. A single rm in a perfectly competitive market is relatively small compared to the rest of the market. What does this mean? How \"small\" is \"small\