Question: Please help with as many as possible! Thanks in advance! Let's discuss perfect competition here...what are your thoughts? What are the advantages/disadvantages for consumers/producers in

Please help with as many as possible! Thanks in advance!

  1. Let's discuss perfect competition here...what are your thoughts? What are the advantages/disadvantages for consumers/producers in a highly competitive market (think about and post some examples)
  2. What is the shape of the demand curve faced by the perfectly competitive firm? Why?
  3. What is different about monopolistic competition and perfect competition? (How about some examples of each)
  4. What is the demand for a monopolistically competitive firm's product and what determines its shape? (Does advertising help monopolistically competitive firms or perfectly competitive firms - why/how?)
  5. How does opportunity cost regulate firms entering and exiting a perfectly competitive market?
  6. Explain how the long run differs from the short run in pure competition (perfect competition).

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