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What are some characteristics of perfect competition

Discussion: Competitive Firms

1. What are some characteristics of perfect competition? (75 words)

2. Is demand elastic or inelastic for a product that is in perfect competition? (60 words)

3. the short run and long run for perfectly competitive firms. How do perfectly competitive firms adapt to market changes in the short run? What can perfectly competitive firms expect in the long run in terms of profits? (175 words)

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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