Economics JAMB

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

Correct Answer:

Option A = Adequate knowledge of existing prices

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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