Why is perfect competition often described as the ideal market structure? Compare and contrast with other known market structures.

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Issue:

Business

 

Written by:

Mary G

 

Date added:

March 24, 2015

 

Level:

University

 

Grade:

A

 

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7 / 1877

 

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Therefore, productive efficiency is achieved at the lowest point on a firm’s long-run avarage total cost curve. In other words, costs per unit of production in the long run are as low as technically possible’. Allocative efficiency can be achieved under one condition.‘To achieve allocative efficiency it should not be posssible to make someone better off by a reallocation of the resources without, at the same time, making someone worse off...
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The most common distinctions are: the number of producers on the market, the level of differentation of the product, access to that market and the possibilities of leaving it for new entrants, as well as the extent to which a company can affect the price for which it sells its output. After applying these criteria, we can divide market structures into: perfect competition, monopolistic competition, oligopoly and monopoly...
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