Explain the short-run perfectively competitive equilibrium

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Reference no: EM13816164

a) Discuss the following statement: In the real world there is no industry which conforms precisely to the economist’s model of perfect competition. This means that the model is of little practical value’.

(b) Illustrate with a diagram and explain the short-run perfectively competitive equilibrium for both (i) the individual firm and (ii) the industry;

Reference no: EM13816164

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