Write a two-page essay that explains why in perfect competition, there are no economic profits or losses in the long run. Use a minimum of two academic journal articles from the CSU Online Library. Your essay must be formatted in APA style.
Market are typically divided into four sectors perfect competitions, pure monopolies, monopolistic competition and oligopolies. In this paper our concern will be on perfect competition which is a conceptual theory used in economics to show the market under a higher a higher degree of competition in certain prevailing circumstances. This essay will discuss the intriguing assumptions and distinctive features that form perfectly competitive model and how this model can be used to explain economic profits and losses that occur in in any organization. As such this paper will try to comprehensively discuss these aspects of perfect competition but with much reverence to losses and profits that accrue with it.