What Are The Advantages And Disadvantages Of Perfect Competition?

Advantages and disadvantages of perfect competition for society?
Advantages & disadvantages
Advantages of perfect competition
i) optimal allocation of resources

(ii) competition encourages usefulness

(iii) consumers charged a lower price

(iv) responsive to consumer wishes: Change in demand, leads extra supply


(i) insufficient profits for investment

(ii) nouns of product variety

(iii) lack of competition over product design and specification

(iv) unequal distribution of goods & income

(v) externalities e.g. Pollution

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