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Get Clarity on Equity and Perfect Competition Concepts via Myhomeworkhelp.Com Professionals!

In the real world, it is impossible to attain the perfect market. The model of this market is somewhat more theoretical than practical. However, we are also aware of the fact that the general market need not have to fit in the rules of perfect competition entirely. Equity means that the economic resources have a fair distribution among the people in the community. It is a matter of debate as there are different opinions on how the resources should you need to allocate. You will find it in details at equity and perfect competition homework help.

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Characteristics of Perfectly Competitive Market

In the competitive market, the consumer has the choice of buying the goods and services, and hence, the organization does not have the power in this case. Let’s discuss the features of this type of market. The equity and perfect competition homework help also have the features explained elaborately. They are:

  • The share of the market should be less in the case of the organizations or firms.
  • The cost of the products should be low for the customers to use.
  • It follows allocative efficiency which means that the price is equal to the marginal cost of the goods.
  • With the power of monopoly, the benefits should remain lower than that of the markets.
  • The companies should focus on manufacturing the goods rather than increasing the costs.

Characteristics of Equity

  • There is a difference in opinions among the people in the society. For example, the ones who support the market might oppose the views of the government.
  • The people who support the market thinking that they fairly distribute the resources are known as traditional conservatives.
  • The people who think that the government has a fair distribution of resources across the society, they are known as traditional liberals.
  • Hence, sometimes they may be efficient but not fair while in some cases, the firms can be reasonable but not practical.
  • All these characteristics play an important role which helps society to choose a system consisting of different perceptions of equity and efficiency.

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