1) Of the following industries, which are perfectly competitive? For those that are not perfectly competitive, explain why. Share your findings in a paragraph 1. Restaurants - 2. Corn - 3. College Education - 4. Local radio and television - 2) What is the difference between "shutting down temporarily" and "exiting the industry"? - 3-Explain how perfect competition leads to economic efficiency. Share your findings in a paragraph - 4- Please read the article Economics in YOUR Life & Career- Are You, Entrepreneur? 5- Why are consumers (YOU) so powerful in a market system dealing with buying and selling? Share your findings in a paragraph ( 6- Please define the following words. a- Average Revenue- b- Economic Loss- c- Economic Profit- d- Marginal Revue- e- Long-run Supply Curve- f- Price Taker- g- Productive Efficiency- h- Profit