Which one of the following is a feature of perfect competition?

A. Selling cost
B. Group behavior
C. Homogeneous product
D. Differentiated product

Question

14-06-2024
Social Studies

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Which one of the following is a feature of perfect competition?

A. Selling cost
B. Group behavior
C. Homogeneous product
D. Differentiated product

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-06-14T22:54:42-04:00

Final answer:

Perfect competition features homogenous products, numerous buyers and sellers, and perfect information.

Explanation:

Homogenous product is a key feature of perfect competition where goods are identical, like wheat from different farmers. In this market structure, there are numerous buyers and sellers with perfect information and freedom of entry and exit.

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