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bananas87 bananas87
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Why do economists study perfectly competitive markets even though few, if any, markets in the real world are perfectly competitive?

▸ Because the behavior of buyers and sellers can be studied theoretically only in the perfectly competitive market model

▸ Because insights we gain from studying the perfectly competitive market are directly applicable to real markets, even though they are not perfectly competitive

▸ Because the perfectly competitive market is the most relevant model for actual government economic policies

▸ Because the perfectly competitive market is a good approximation to many markets in the real world and helps us understand how real markets work
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Macroeconomics

Macroeconomics


Edition: 3rd
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JsimonJsimon
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