QUESTION 1 Which of the following is NOT a characteristic of perfectly competitive markets? O many buyers and sellers expensive advertising campaigns O identical/standardized products produced by all firms O free entry and exit of firms QUESTION 2 The price charged by a perfectly competitive firm is determined by O market demand and market supply O each individual firm O a group of firms acting together as a cartel O the firm's total costs alone QUESTION 3 Suppose the market equilibrium price in a perfectly competitive industry is $10 and a single firm in the industry de $9. Which of the following will happen? O The firm will not sell any output. O The firm will make more profit than it could at the $10 price. The firm will make less profit than it could at the $10 price. O The firm's revenue will increase and its costs may decrease