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WAEC Economics 2009 Question 28

Question 28

Market Structures

Which of the following is a condition necessary for a perfect market?

  1. A.The goods are heterogeneous
  2. B.There is preferential treatment
  3. C.There is a large number of buyers and sellers
  4. D.Buyers and sellers are easily influenced.
Show the answer and explanation

Answer: C (There is a large number of buyers and sellers)

Explanation

A perfect market has many buyers and sellers so no one can affect the price.