<h2>Key Concepts and Summary</h2>
<p>Long-run equilibrium in perfectly competitive markets meets two important conditions: allocative efficiency and productive efficiency. These two conditions have important implications. First, resources are allocated to their best alternative use. Second, they provide the maximum satisfaction attainable by society.</p>

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Key Concepts and Summary

Economics studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society, and for the production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. 

Economics

Discover the fundamentals of Perfect Competition, including how firms make output decisions, determine profits and losses, and analyze short- and long-run outcomes leading to efficiency in perfectly competitive markets.


Key Concepts and Summary

Key Concepts and Summary

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