Question: show all your work for the problems requiring calculations. 1.List the characteristics of perfect competition and give an example of an industry that would be

show all your work for the problems requiring calculations.

1.List the characteristics of perfect competition and give an example of an industry that would be considered perfectly competitive.

2.Why is the perfectly competitive firm a price taker?

3.Describe the individual firm's demand curve in perfect competition in terms of elasticity.

4.Explain why firms in a perfectly competitive industry will earn zero economic profit in the long run.Explain the process.

5.If firms in a perfectly competitive industry are earning economic profits:

a.Will firms enter or exit?

b.What happens to the market supply curve?

c.What will happen to price?

d.What will happen to economic profit?

show all your work for the problems requiring calculations.1.List the characteristics ofperfect competition and give an example of an industry that would be

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