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describe an industry that would meet the

Describe an industry that would meet the conditions of a perfectly competitive industry which are

a)here are many buyers and sellers so neither side of the market has market power;

b) The product provided to the market is identical across suppliers; and

c) there are no barriers to entry.

How do individual firms in a perfectly competitive industry respond to an increase in the market demand for the product? Would advertising by individual firms in this type of market provide any benefits?

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