Chapter 11 Pure Competition in the Long Run Answer the following questions based on the material contained in chapter 11. Note all answers need to be in your own words. Evidence of plagiarism will result in a grade of 0 being recorded. Make sure you answer all parts of a question. You should use this document and type your answers to each question in RED. Save your completed file and submit through Canvas by the due date indicated. What is the major difference between the long run and the short run in pure competition? Explain in terms of the number of firms and the flexibility of firms. What three assumptions are used in the chapter to keep the analysis simple? Explain why the long-run product price for a perfectly competitive firm will equal its minimum average total cost. An airline is flying between two cities. The airline has the following costs associated with the flight: Crew $4,000 Plane daily depreciation $2,000 Fuel $1,000 Plane daily insurance $2,000 Landing fee $1,000 The airline has an average of 40 passengers paying an average of $200 for this flight. Do you think the airline should be flying between the two cities? Evaluate from