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a. List the conditions under which a perfectly competitive market will result in an efficient outcome for society and explain what implication this has for
a. List the conditions under which a perfectly competitive market will result in an efficient outcome for society and explain what implication this has for the effective operation of the "invisible hand" in allocating resources via the market mechanism. (4 marks) b. Take any two of the conditions you have listed above and explain why the absence of that condition could result in the "invisible hand" failing to deliver the outcome that is best for society.
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