There is no perfect example for perfectly competitive markets. However, we can find a few approximations.Give an example for a perfectly competitive firm. How does this firm match the characteristics of a perfectly competitive market? Explain each of the following. Use graphs when needed.(Your essay should be about 5 pages long double spaced. Please cite your references professionally. Answer each question thoroughly to get full credit.)What is the number of firms in the industry in your example? Many or few? Explain.Are there barriers to entry and exit?Products: Identical (homogeneous) products or do firms differentiate their products from others?Are there substitutes for the firm\’s product?What is the price elasticity of demand for the firm’s product?Do firms in this industry have market power?Are firms in the industry price-takers? What does a price taker mean?What is the competitive firm\’s profit in the long run? What happens when there is a change in market conditions (change in demand or change in supply)? Give an example and explain using the SR and LR graphs.Explain how perfect competition leads to efficiency using the allocative and productive efficiency.What are the pros and cons of perfect competition?