Explain the short-run perfectively competitive equilibrium

Reference no: EM13106997

Question :

(a) Discuss the following statement: 'In the real world there is no industry which conforms precisely to the economist's model of perfect competition. This means that the model is of little practical value'.

(b) Illustrate with a diagram and explain the short-run perfectively competitive equilibrium for both (i) the individual firm and (ii) the industry;

Reference no: EM13106997

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