The competitive market model depends on the following three core assumptions: 1. There must be many buyers and sellers-a few players can't dominate the market. 2. Firms must produce an identical product-buyers must regard all sellers' products as equivalent. 3. Firms and resources must be fully mobile, allowing free entry into and exit from the industry. The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking behavior, assume for this problem that a market cannot maintain competition in the long run without free entry. Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not.Scenario Is the market competitive? There are thousands of ninth and tenth graders in need of geometry tutoring services in Chicago. Of the twenty or so companies in town currently offering geometry tutoring, parents of high schoolers view the quality of each individual tutoring service to be about the same. The government has granted the U.S. Postal Service the exclusive right to deliver mail. A few major airline companies represent a great majority of total air travel. Consumers consider all different flights to be essentially the same, and comparison shop for the lowest price. There are thousands of car dealerships that serve millions of consumers each year. The dealerships vary by location, offerings, and quality, allowing consumers with an array of preferences to find vehicles that match their individual needs.Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not. Scenario Is the market competitive? There are thousands of ninth and tenth graders in need of geometry tutoring services in Chicago. Of the twenty or so companies in town currently offering geometry tutoring, Yes, satisfies all assumptions parents of high schoolers view the quality of each individual tutoring service to be about No (no free entry) the same. No (not many sellers) The government has granted the U.S. Postal Service the exclusive right to deliver mail. No (not an identical product) A few major airline companies represent a great majority of total air travel. Consumers consider all different flights to be essentially the same, and comparison shop for the lowest price. There are thousands of car dealerships that serve millions of consumers each year. The dealerships vary by location, offerings, and quality, allowing consumers with an array of preferences to find vehicles that match their individual needs