CAN YOU HELP ME ANSWER THIS?

1. Your company operates in a perfectly competitive market. You have been told that advertising can help you increase your sales in the short run. Would you create an aggressive advertising campaign for your product? 2. Many firms in the Philippines file for bankruptcy every year, yet they still continue operating. Why would they do this instead of completely shutting down? 3. Imagine that you are managing a small firm and thinking about entering the market of a monopolist. The monopolist is currently charging a high price, and you have calculated that you can make a nice profit charging 10% less than the monopolist. Before you go ahead and challenge the monopolist, what possibility should you consider for how the monopolist might react?4. Why are generic pharmaceuticals significantly cheaper than name brand ones? 5. Firms in a perfectly competitive market are said to be "price takers"-that is, once the market determines an equilibrium price for the product, firms must accept this price. If you sell a product in a perfectly competitive market, but you are not happy with its price, would you raise the price, even by a cent?6. What is a "price taker" firm? 7. A single firm in a perfectly competitive market is relatively small compared to the rest of the market. What does this mean? How "small" is "small"