1) Should a perfectly competitive firm making a loss in the short-run always leave the market?Why or why not?What about in the long-run?

2) Should aperfectly competitive firmadvertise in an effort to increase its sales and its profits?Why or why not?

3) Can you think of an example of a perfectly competitive firm?Why do you think this firm is perfectly competitive?

*Thank you so much for helping me to understand the concept and how to properly answer these questions.