Make a discussion ,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.
Aspirin
Lady Gaga Concerts
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...