Question 4:Perfect competition and firms' pricing power( In the lecture on topic 4, perfect competition, it is argued that firms in perfectly competitive markets are price-takers. What would you respond to this theoretical argument? Explain your position by a brief theoretical review for what characteristics of a perfectly competitive market are related to the argument of firms as "price-takers". Then provide your observations on whether this argument holds true in a real-life market that you have experience with. Make sure you provide a specific example observation of a market with the product prices of the existing firms and discuss what assumptions of the perfect competition and price-taker the concept has been violated in the real-life example. Proper citations of the reference sources for your real-life example are required.