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One of the important features of perfect competition is_____?

Economics
JAMB 2016

One of the important features of perfect competition is_____?

  • A. Adequate knowledge of existing prices
  • B. The influence on prices by individual economic units
  • C. The restriction in terms of movement of goods and services
  • D. The administration of a centralized price system
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Correct Answer: Option A
Explanation

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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