Post a 150- to 225-word (2- to 3-paragraph) explanation of perfect competition at the industry level. In your explanation, do the following:
Describe your selected industry, and identify characteristics of the industry that are consistent with the definition of perfect competition and those that are not.
Explain how the industry’s cost structure affects pricing decisions, entry, and exit. Specifically, how similar do you think a firm’s pricing and output decisions would be compared to a perfectly competitive industry?
To support your response, be sure to reference at least one properly cited scholarly source.
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