"Perfect competition is termed as an utopic market " (a) What are the main characteristics of a perfectly competitive industry? [5 marks] (b) With the aid of diagrams, explain how a perfectly competitive firm reaches equilibrium in the long-run. [10 marks] (c) Describe the key features of a monopoly industry? [5 marks] (d) Is having a monopoly in the best interest of the public? Discuss[10 marks]