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14 December, 05:53

How does perfect competition benefit society

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  1. 14 December, 07:40
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    Within a perfect competition, competing business entities have to keep prices of their goods low in order to attract customers, while still earning profit to keep developing new goods.

    To attain that, entities have to be as efficient as possible and utilize their inputs by maximum. This environment creates an attractive market where customers pay a reasonable price for a high quality products, which it its turn benefits society.
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