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In this chapter, the virtues of perfect competition have been highlighted. Among the benefits of perfect...

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Economics

In this chapter, the virtues of perfect competition have beenhighlighted. Among the benefits of perfect competition, no buyer orseller taken alone can affect market prices. Also, efficiency isobtained since firms will produce at full capacity. While someeconomists praise perfect competition in the sense that it allowsto achieve tremendous efficiency. Some economists argue thatperfect competition is unnecessary and irrelevant since it mayhinder innovation and invention. Provide your arguments for oragainst perfect competition.

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Though there are many benefits of perfect competition such that the information is clear among the producers and consumers so that price is same across all the centres this would    See Answer
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