What are the characteristics of a perfectly competitive mark

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What are the characteristics of a perfectly competitive market?
What is the difference between variable and fixed costs, how do they change in short-run vs. long-run? Provide an example in healthcare.
What does increasing returns mean in the short-run? Provide an example of increasing returns?
From an economic perspective, at what point does a firm decide to shut-down? Explain.
When a market is perfectly competitive what does this imply about the supply curve and the price charged for a particular good?
What is the level of profits in the long-run in a perfectly competitive market? Explain why.
What is the difference between an economic and accounting profit?
What is the principle of diminishing marginal return?

Reference no: EM133265826

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