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WAEC Economics 2014 Question 34

Question 34

Market Structures

Perfect knowledge of events in a perfect market will be made possible by the existence of

  1. A.many buyers and sellers.
  2. B.homogeneous products.
  3. C.means of communication.
  4. D.large number of traders.
Show the answer and explanation

Answer: C (means of communication.)

Explanation

Good communication lets every buyer and seller know prices everywhere in the market.