Compare and Contrast the Effect of Perfect Competition to the Effect

question 116

Essay

Compare and contrast the effect of perfect competition to the effect of perfect price discrimination on:
a) efficiency.
b) consumer surplus.
c) economic profit in the long run.

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Definitions:

Nonnegative Integer

An integer that is either greater than or equal to zero, including all positive integers and zero.

Alpha

Alpha often refers to the level of transparency of a pixel in computer graphics, with a range from full transparency to full opacity.

Beta

A phase in software development where features are complete but the software may still contain bugs; it follows the alpha phase and precedes the final release.

System.out.println

A method in Java used to print a string or other data types to the console or standard output stream.