Question: Please answer the questions. Please Quote references to substantiate your answers, and so that I may see for further information. Perfect Competition is a model

Please answer the questions. Please Quote references to substantiate your answers, and so that I may see for further information.

  1. Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.
  2. One of the criticisms of oligopolies is the adverse impacts these firms have on income distribution. Do you believe that is a valid criticism? Discuss with appropriate examples.

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