Perfect competition is analytically elegant. a. What percentage of an economys total production do you think is
Question:
Perfect competition is analytically elegant.
a. What percentage of an economy’s total production do you think is provided by perfectly competitive firms?
b. Based on your answer to
a, why does the text spend so much time on perfect competition?
(Institutionalist)
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Percentage of Total Production by Perfectly Competitive Firms In reality perfectly competitive markets are considered to be more of a theoretical concept rather than a common occurrence in the real wo...View the full answer
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