Solved: So-called perfectly competitive markets achieve equilibrium, Business Management

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So-called perfectly competitive markets achieve equilibrium

True or False? Explain in details why.

"'Perfect competition' is considered both the ideal and the default state in Economics 101 (or in our class of ECON 2). So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand." -- Peter Thiel

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Business Management: So-called perfectly competitive markets achieve equilibrium

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