For each of the following, is the industry perfectly competitive?? Referring to market share, standardization of the product, lack of market power (price t

Please use professional grammar and punctuation in this college level course in all correspondence.  Please avoid “text” or “twitter speak” when corresponding. Grammar counts here.  Please number your answers.

Chapter 7 Discussion Topic

Please complete both parts of the question below in 200+ words minimum:

For each of the following, is the industry perfectly competitive?  Referring to market share, standardization of the product, lack of market power (price takers) and free entry and exit, explain your answers in detail.

1. Ibuprofen
2. Taylor Swift Concerts
3. Trucks

AND

Discuss an example of your own of a perfectly competitive market/industry and explain why this industry is perfectly competitive or close to perfectly competitive.  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.

Criteria for Success

• Number your answers
• Include proper grammar, professional language and proofread your posts
• Answer each question in detail (one-sentence answers do not count in this class)
• Write more than the minimum writing requirement
• Follow the instructions carefully and post three times to the discussion forum
• Post all posts in a timely manner
• Do your own work and avoid the use of AI, Grammarly or cheating websites or you will earn a score of zero on this assignment.
• Be sure to cite any outside resources you use in the completion of this assignment.  Failure to cite outside resources will result in a score of zero on this assignment.

Summary