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WAEC Economics 2009 Question 29

Question 29

Market Structures

A market in which a single price obtains for a product is known as

  1. A.a product market
  2. B.a capital price market
  3. C.an imperfect market
  4. D.a perfect market
Show the answer and explanation

Answer: D (a perfect market)

Explanation

In a perfect market identical goods sell at one uniform price.