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JAMB Economics 2016 Paper
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Question : 19
Total: 49
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
Validate
Solution:
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.
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