Answer each of the following questions 1. What are the five conditions which must hold for a market to be considered perfectly competitive? 2. Would you expect these conditions to hold in the airline industry? If not, explain which of these conditions you would expect to be violated. 3. A journalist for Bloomberg writes in their op-ed that "The government should not regulate or pass policy regarding health care and insurance industries. It's basic Econ 101, there is no welfare gain which can be made from public policy in a competitive market." What fallacy is the journalist making in their argument? Explain