State four feature of a perfectly competitive market.

      

State four feature of a perfectly competitive market.

  

Answers


Dominic
-there are large number of buyers and sellers
-homogeneity [uniformity] of the product
-each buyer and seller has a perfect knowledge of the market
-the buyers and sellers have the freedom to enter and leave the market
-there is no government interference
-there is no excess supply or demand
-there is perfect mobility of factors of production
-there is no transport costs incurred as its assumed the buyers and sellers are located in one area

Dominic Onsase answered the question on March 5, 2018 at 15:00


Next: (a) Describe the procedure for collecting semen from a proven sire (b) Give seven management practices carried out in a crush (c) Explain the various methods of controlling diseases on...
Previous: Draw four channels of distribution for imported vehicles .

View More Business Studies Questions and Answers | Return to Questions Index


Exams With Marking Schemes

Related Questions