This is a complete question.

For each of the following, is the industry perfectly competitive?Referring to market share, standardization of the product, and/or free entry and exit, explain your answers in detail.

1. Aspirin
2. Lady Gaga Concerts
3. SUVs

Also, come up with your own example of a competitive market. What would you expect to happen to profits in this market over time (short-run versus long-run outcomes in perfect competition) and why?Use this industry as an example to explain the competitive process in detail.

Please don't use Internet (c h e g g) answer!