The perfectly competitive model makes a lot of fairly unrealistic assumptions.Why do economics textbooks still talk a lot about this model?
A) Many markets are close to being perfectly competitive.
B) It is an important model to use as a benchmark to compare other markets structures to.
C) Perfectly competitive markets maximize societal welfare.
D) All of the above.
Correct Answer:
Verified
Q4: If all conditions for a perfectly competitive
Q5: If a firm operates in a perfectly
Q6: In a perfectly competitive market,
A) firms can
Q7: In a competitive market,if buyers did not
Q8: Which of the following are NOT characteristics
Q10: The demand curve that an individual competitive
Q11: A special license is required to operate
Q12: If a firm happened to be the
Q13: If consumers view the output of any
Q14: Firms that exhibit price-taking behavior
A) wait for
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