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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

  1. 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)
  2. The firms are spending lots of money on advertising.
  3. The firms are currently making economic profits in the short run.
  4. Two firms produce 60 percent of the total industry output.
  5. The firms issue coupons offering a price discount.

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