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WAEC Economics 2011 Question 22

Question 22

Market Structures

If there are no barriers to entering a market, it means that

  1. A.anyone can become a buyer or seller.
  2. B.unwanted goods can always enter the market.
  3. C.the market becomes a dumping ground.
  4. D.the goods are not inspected.
Show the answer and explanation

Answer: A (anyone can become a buyer or seller.)

Explanation

Free entry means any buyer or seller can join the market.