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All of the following describes conditions necessary for existence of a perfect market EXCEPT

Economics
JAMB 2023

All of the following describes conditions necessary for existence of a perfect market EXCEPT

  • A. lack of homogeneity of goods
  • B. perfect knowledge
  • C. large buyers and sellers
  • D. portability of goods
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Correct Answer: Option A
Explanation

lack of homogeneity of goods is not a characteristics or features of a perfect market. The features/ characteristics are: perfect knowledge about the market, there is free entry and exit, there are large number of buyers and sellers, the goods are portable and homogeneous, there is no preferential treatment etc.


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Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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