1.Soybeans versus Processor Chips. Why is the market for soybeans perfectly competitive, with thousands of soybean farmers, while the market for computer processor chips is dominated by a few large...

1.Soybeans versus Processor Chips. Why is the market for soybeans perfectly competitive, with thousands of soybean farmers, while the market for computer processor chips is dominated by a few large firms? (Related to Application 1 on page 541.)

2. Draw the Supply Curves. The following table shows short-run marginal costs for a perfectly competitive firm:

a. Use this information to draw the firm’s marginalcost curve.

b. Suppose the shut-down price is $10. Draw the firm’s short-run supply curve.

c. Suppose there are 100 identical firms with the same marginal-cost curve. Draw the short-run industry supply curve.