“Perfect competition is termed as an utopic market “ (a) What are the main characteristics of a perfectly competitive in
Posted: Sun Jul 03, 2022 12:58 pm
“Perfect competition is termed as an utopic market “ (a) Whatare the main characteristics of a perfectly competitive industry?[5 marks] (b) With the aid of diagrams, explain how a perfectlycompetitive firm reaches equilibrium in the long-run. [10 marks](c) Describe the key features of a monopoly industry? [5 marks] (d)Is having a monopoly in the best interest of the public? Discuss[10marks]