What are the social benefits of perfect competition?

Answer 1

i don't think it's good enough especially in the developed country or society, beside the positive impact for rising the potency of the society, perfect competition also make the competition only available for whom had enough resources, not for all society. so this condition must have a mediator to make competition become fair enough for the society

Answer 2

I shall answer this question as it pertains to business and society, especially with the United States in mind. I recognize that my example may fit other societies that have some form of open markets.

In a state of perfection, businesses compete with each other to produce for society a product that is useful and has a reasonable cost. These companies compete for the business of society and prosper when their efforts result in profits that allow them to stay in business and continue to employ members of society.

The benefit to society is clear in that it can with reasonable cost purchase products that they need or want. Here is an example:

In the early part of the 20th century the cost of an automobile was high and not many people could afford them due to the cost. The cost was related to the amount of money it took a car company to produce a car. Henry Ford was a magnate in the automobile business. He decided to cut the cost of producing his cars and thus could create a car with quality and a reasonable cost. He did this by establishing what was called an assembly line. Each part of the car was placed in its correct spot as it moved down an assembly line. This reduced the cost of producing cars. Ford Motor Company became a leader in making cars society could afford. He enhanced the company by paying higher wages to his workers as Ford made good profits for his cars, and spent less than his competition to produce them.

Answer 3

what are the advantages of perfect competition

Answer 4

none.