(Solved): all the questions please  1. Characteristics of competitive markets The competive market model ...

1. Characteristics of competitive markets The competive market model depends on the following three core assumptions: 1. There must be many buyers and sellers-a few players can't dominate the market. 2. Firms must produce an identical product-buyers must regard all sellers' products as cquivalent. 3. Firms and resources must be fully mobile, altowing free entry into and exct from the industry. The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking bechavior, assume for this problem that a market cannot malntain competition in the long run without free entry. Identify whether or not each of the following scenarios describes a competive market, along with the correct explanation of why or why not.