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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