The model of competitive markets relies on these 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 equivalent. 3. firms and resources must be fully mobile, allowing free entry into and exit 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 behavior, assume for this problem that a market cannot maintain competition in the long run without free entry. identify whether or not each of the following scenarios describes a competitive market, along