Define and explain: A) the characteristics of a competitive…
Define and explain: A) the characteristics of a competitive firm. B) Explain the perfectly competitive firm at the optimal level of output, making a long run normal profit, making an economic (above normal) profit, and making a loss. C) Explain the relationship between the perfectly competitive firm and industry. D) How does the entry of new firms into the industry influence the perfectly competitive price? E) Explain. How does the exit of firms out of the industry influence the perfectly competitive price? Explain.