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For each of the following observations about an industry briefly explain why it characterizes a firm that is perfectly competitive or not perfectly competitive. (20
- For each of the following observations about an industry briefly explain why it characterizes a firm that is perfectly competitive or not perfectly competitive. (20 points)
- The firms are spending lots of money on advertising.
- The firms are currently making economic profits in the short run.
- Two firms produce 60 percent of the total industry output.
- The firms issue coupons offering a price discount.
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