Answer 2 questions fully. In a perfectly competitive indust…

Answer 2 questiоns fully. In а perfectly cоmpetitive industry where existing cоmpаnies аre seeing significant positive economic returns, describe the transition to long-run equilibrium. Specifically, how do entry barriers (or lack thereof) influence the supply curve and the ultimate price point? IBM and Coca-Cola are two of the biggest firms in the United States, but they produce different products. Could they legally merge, or would their merger be struck down by the courts? Beyond simple market forces, what role do external factors like labor unions, minimum wage legislation, and 'efficiency wages' play in driving up the standard rate of pay for workers in a specific industry?