“Perfect competition is termed as an utopic market “ (a) What are the main characteristics of a perfectly competitive in

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“Perfect competition is termed as an utopic market “ (a) What are the main characteristics of a perfectly competitive in

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“Perfect competition is termed as an utopic market “ (a) Whatare the main characteristics of a perfectly competitive industry?[5 marks] (b) With the aid of diagrams, explain how a perfectlycompetitive firm reaches equilibrium in the long-run. [10 marks](c) Describe the key features of a monopoly industry? [5 marks] (d)Is having a monopoly in the best interest of the public? Discuss[10marks]
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