Explain why perfect competition is efficient.
Perfect competition is a market in which there are many firms, each selling an identical product; many buyers; no barriers to the entry of new firms into the industry; no advantage to established firms; and in which buyers and sellers are well informed about prices.
- Explain why perfect competition is efficient.
- Determine whether perfect competition is fair based on the two views, i.e., fair rules and a fair result.
Your evaluation should be based on the many perfect competition markets that you encounter in your everyday life, and your research conducted on this topic.
Wait Before you Leave! I have something for you😊
Get your college paper done by experts
Place an order in 3 easy steps. Takes less than 5 mins.
Needs help with similar assignment?
We are available 24x7 to deliver the best services and assignment ready within 3-4 hours? Order a custom-written, plagiarism-free paper