Competition reduces prices. But, what is not commonly known is that competition also promotes more products in the same category, leading to a diversity of makes and models that could only benefit the consumer. At the theoretical level, a perfectly competitive market creates the space for...

Perfectly competitive market is often used in economics textbook as an idealized model for understanding microeconomics issue. But, is it realisable in practice, and crucially, under what kind of scenario and condition? The answer is: perfectly competitive market does not exist in most market...