How Is It That Economists Can Claim That Perfectly Competitive

question 4

Essay

How is it that economists can claim that perfectly competitive markets give people what they want?

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Definitions:

Self-efficacy

An individual's belief in their capability to execute behaviors necessary to produce specific performance attainments, influencing their motivation and actions.

Self-concept

An individual's comprehensive perception of themselves, including beliefs about one's traits, qualities, and capabilities.

Actual Abilities

The real skills, talents, and competencies that an individual genuinely possesses as opposed to perceived abilities.

Self-discrepancy Theory

A psychological model that explains how the difference between one's actual self and ideal or ought selves affects emotional states.