a 150- to 225-word (2- to 3-paragraph) explanation of your selected industry’s market structure, including support for your assertion. In your explanation, also address the following:
How do firms compete with each other in the industry, both in terms of price and non-price competition?
Are some firms in the industry able to earn economic profits in the long run? Why or why not?
To support your response, be sure to reference at least one properly cited scholarly source.
