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(Solved): Analyse, using appropriate diagrams the extent to which firms in perfect competition achieve econom ...
Analyse, using appropriate diagrams the extent to which firms in perfect competition achieve economic efficiency in the long run. Explain carefully the features of a perfectly competitive market AND evaluate the extent to which perfect competition is a desirable market structure which always maximises society's welfare.
Expert Answer
Perfect competition is the most desirable market structure for achieving economic efficiency in the long run. Economic efficiency is the maximisatio