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Advantages and Disadvantages of Perfect Competition

Some of the Advantages and Disadvantages of Perfect Competition are as follows. So let us check out some information on pros and cons of perfect competition to know more about it.

Advantages of Perfect Competition are :

  1. Perfect competition encourages efficiency.
  2. In perfect competiton firms operate at maximum efficiency.
  3. Consumer benefits, Consumers charged at lower price.
  4. Consumers are not exploited in perfect competition, they buys product or services at lower price.
  5. Resources are used more effectively.
  6. Due to high degree of competiton, perfect competition helps allocate resources to most effective use.
  7. Perfect competiton is responsive to consumer wishes.
  8. Price is equal to marginal costs.
  9. Normal profits can be made in long run in perfect competiton.
  10. In perfect competition same quality of products are supplied from all manufacturer.

Disadvantages of Perfect Competition are :

  1. Lack of product variety can be seen in perfect competiton.
  2. Insufficient profits for investment.
  3. In perfect competiton lack of competiton over product design and specification can be seen.
  4. In perfect competiton unequal distribution of income and goods is observed.
  5. No choice as goods are almost identical.
  6. No economies of scale.

Also find out advantantage & Disadvnatages of Monopoly which is related to perfect competition.

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Process Validation Types

Types of Process Validation: There are mainly four types of process validation. Following are some of the types of process validation so let us see all types one by one:

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Prospective process validation: "Documented evidence - Validation carried out based on the pre-planned protocol"

Retrospective process validation: "Documented evidence - Validation carried out based on the analysis and review of the historical data"

What is the Full Form of MIS?

MIS - Management Information System

MIS is the study of the  organizations, people and technology,to know the relationship among them in terms of computer system.

MIS study using computerized system is used to evaluate the efficiency and effectiveness of decision making of people in an organization.

Strength and weakness of an employee can be identifed with the help of this study.