1. Based on your own experience, describe a business that is quite competitive. What good or service is produced

Which of the criteria for a perfectly competitive firm are met by this businessand which are not? (Identical products; price taker; low economic profits)

For this business give examples (description of the cost; no dollar amount needed)of the following and explain why they are examples of this type of cost

Explicit fixed cost

Explicit variable cost

Implicit fixed cost

Implicit variable cost