Explain the model of perfect competition

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Reference no: EM132196860

Quesiton: 1. The presumption of efficiency for capitalism is based on the model of perfect competition. Explain the assumptions underlying the model of perfect competition. Provide an example showing how the US economy diverges from each of these assumptions.

2. One common tool employed to judge the success of differing economic system is the rate of growth of output. Explain how this provides a good tool for comparison and how it provides a bad tool for comparison.

3. Market failure are central to many explanations for required government action in capitalist economies. Explain what a market failure is and provide an example. How could government action recify this situation?

Reference no: EM132196860

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