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WAEC Economics 2001 Question 28

Question 28

Market Structures

Which of the following is not a condition for a perfect market?

  1. A.Homogenous commodity
  2. B.Ignorance of consumers
  3. C.Perfect information
  4. D.Free entry and exit
Show the answer and explanation

Answer: B (Ignorance of consumers)

Explanation

A perfect market requires perfect knowledge, so ignorance of consumers is not one of its conditions.