Your initial answer to each question should be at least 100 words in length. Question 1Describe 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.Question 2When 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.
