Compressors, Gas Turbines and Jet Engines
The reason for volumetric efficiency of reciprocating compressor being less than 100 percent is

Superheating in compressor
All of these
Clearance volume and leakages
Pressure drop across the valves

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Compressors, Gas Turbines and Jet Engines
An ideal air compressor cycle without clearance on P-V diagram can be represented by following processes

Two adiabatic and two isobaric
Two adiabatic, one isobaric and one constant volume
One adiabatic, one isobaric and two constant volumes
One adiabatic, two isobaric, and one constant volume

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