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
Correct Answer: A. lack of homogeneity of goods
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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