Discuss the short run equilibrium outcomes in a perfectly competitive market

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Students will be assessed by the following coursework question with a limit of 2500 words in total (includes both questions): (a) Discuss the short run equilibrium outcomes in a perfectly competitive market. [20 marks] (b) “Comparing a perfectly competitive market with a single price monopoly reveals that the former provides allocatively efficient outcomes whereas the latter does not.” Discuss. [30 marks]

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