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- Your friend, who has not taken any courses in economics, just inherited a company in another state. In three weeks, they will begin running a company about which they know nothing (not even the company's product or service). Explain various markets and how they work to your friend so your friend will be able to run the company.How does perfect competition effect the pharmaceutical industry?What type of market structure does the firm participates and how did you decide this?
- describe the types of market structure that exist in the tourism industry of Cyprus. Only Typing AnswerIdentify an industry where small and large businesses compete with each other. If you own one of the competing small businesses, what strategy would you adapt?ilustrate and example of economic profit with numbers