Explain the assumptions of a perfectly competitive market, Business Economics

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QUESTION

a) State and explain the assumptions of a perfectly competitive market.

b) Analyse the effects on the firm's profit and output of an increase in demand in the short run and long run.

c) Explain with the use of appropriate diagrams the extent to which the existence of barriers to entry can make long-run equilibrium for a firm, operating under monopolistic competition, differ from that of a perfectly competitive firm.

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