Conduct research to find an example of an industry or company within an industry that closely approximates perfect competition

a) Describe the industry of business and state why it has a perfect competition market structure.

b) Explain why the product in the industry would have a downward sloping curve but for individual firm in the industry, the demand curve is perfectly elastic and horizontal

c) Draw and clearly lable graphs to illustrate both profit and losses for a firm with a perfectly competitive market structure