Describe an industry that would meet conditions of perfect

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Q. Your initial answer to each question should be at least 100 words in length.

1. Describe an industry that would meet conditions of a perfectly competitive industry and how individual firms would respond to an increasing market demand for product.

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

Reference no: EM1372185

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