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.
