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I don't understand these micro economics questions. Can you help me explaining it? 1ll'lllhich of the following are characteristics of a perflectl'gllr competitive industry? i.

I don't understand these micro economics questions. Can you help me explaining it?

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1ll'lllhich of the following are characteristics of a perflectl'gllr competitive industry? i. New firms can enter or exit easilyr in the long run ||.There is no product differentiation Ill. The firm's demand curve is perfectly.r elastic W. The firm is a price taker 0 land ll only 0 land llionlyI C) I, 1L and w only C} I, ",1\If a perfectly.r competitive firm increases its price above the market equilibrium price. which of the fol]owing 1will be true? 0 its total revenue will increase 0 its profits will increase 0 it demand will become downward sloping 0 it will not be able to sell any output

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