JAMB - Economics (2016 - No. 19)
One of the important features of perfect competition is_____?
Adequate knowledge of existing prices
The influence on prices by individual economic units
The restriction in terms of movement of goods and services
The administration of a centralized price system
Giải thích
A perfectly competition has the following characteristics:
- There are many buyers and sellers in the market.
- Each company makes a similar product.
- Buyers and sellers have access to perfect information about price.
- There are no transaction costs.
- There are no barriers to entry into or exit from the market.