1. In 50 words or less, describe the model of “perfect competition.” Be sure to

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1. In 50 words or less, describe the model of “perfect competition.” Be sure to

1. In 50 words or less, describe the model of “perfect competition.” Be sure to describe the assumptions that go into it and the results that come out of it.
2. Which of those assumptions are sometimes or often unmet? What might the consequences of those unmet conditions be? What might be able to do about them, via public policy or regulation?
3. What is Stengel’s view of the optimal amount and type of regulation?
4. How does any of this differ from the confused and distorted versions of these ideas bantered around in political discourse?

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