Discuss an industry that would meet the conditions

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Reference no: EM1350159

Each answer should be between 200-300 words

Q1. Discuss an industry that would meet the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.

Q2. When developing short-run cost curves, it is assumed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses. Contrast this to the real world and why individual firms might experience different cost curves and different profits

Reference no: EM1350159

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