Which of these statements is generally accepted by economists? Perfect competition

A) provides both equity and efficiency.
B) provides equity but not necessarily efficiency.
C) provides efficiency but not necessarily equity.
D) generally satisfies neither efficiency nor equity.

Perfect Competition

A market structure characterized by an infinite number of buyers and sellers, homogenous products, and no barriers to entry or exit, leading to price takers rather than price makers.

Efficiency

The ability to achieve a desired result or work output with minimum wasted effort or expense.

Equity

A measure of ownership in a company or asset, typically represented by shares that entitle holders to a proportion of the company's profits.