Welfare Implications of a Perfectly Competitive Market | Economics
In this article we will discuss about the welfare implications of a perfectly competitive market. Favourable Features of a Perfectly Competitive Price System: Such a perfectly competition system yields certain beneficial consequences in long-run equilibrium. They are listed below: 1. Consumer preferences as reflected in the market-place would be fulfilled. Here P=MC=MU. So, both consumers and producers are satisfied. 2. [...]