What Are The Advantages And Disadvantages Of Perfect Competition?


Answer:
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


Disadvantages

(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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