How does imperfect competition lead to price exceeding marginal cost? Why is that a problem for society at-large?What does the concentration of large sellers have to do with this?
Answer each of these questions in no more than a few paragraphs 1. Describe as precisely as you can: a) Some of the merits of perfect competition b) Some of the impediments to achieving perfect competition c) Some of the harms of imperfect competition 2. Why is the equality of price and marginal cost important? […]