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  5. Completely competiti...

Completely competitive market exist when each member is a —

Economics
JAMB 2017
Completely competitive market exist when each member is a —
  • A. price maker
  • B. price taker
  • C. price seeker
  • D. a and b
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Correct Answer: Option B
Explanation
A perfect market may be defined as one in which buyers or sellers cannot influence the price of goods and services. That is, the buyers or sellers are price taker since there exist a common price for commodities throughout the market.
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now