Solution-Consider a perfectly competitive market

Consider a perfectly competitive market

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Consider a perfectly competitive market. Explain why economists think that the competitive equilibrium is a great outcome for society. Your answer should include a discussion of the following concepts:

Pareto efficiency and economic surplus;
Short run and long run.

Reference no: EM131499255

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Consider a perfectly competitive market

Reference no: EM131499255

Reference no: EM131499255

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