Alpha Industries operates in a highly competitive market.While there are few other firms in the industry due to the high fixed costs of building plants,rival firms are very aggressive in their pricing strategies.Of the products sold in the industry,over 80 percent have 10 years of patent protection remaining.Does this industry meet an economist's definition of a perfectly competitive industry?

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The Answer of Alpha Industries operates in a highly competitive market.While there are few other firms in the industry due to the high fixed costs of building plants,rival firms are very aggressive in their pricing strategies.Of the products sold in the industry,over 80 percent have 10 years of patent protection remaining.Does this industry meet an economist's definition of a perfectly competitive industry?

Alpha Industries Operates in a Highly Competitive Market