Discuss how a perfectly competitive market determines its equilibrium price and quantity in the short run and in the long run. Use appropriate assumptions and diagrams to support your answer.Discuss how a perfectly competitive market determines its equilibrium price and quantity in the short run and in the long run. Use appropriate assumptions and diagrams to support your answer.

Evaluate any four macroeconomic objectives and explain how you would steer the economy to achieve the objectives. (The use of appropriate AD and AS curves to illustrate your answer is expected).