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Question
With reference to Perfect competition form of market, choose the odd one out.
Options
Restricted entry
Perfect knowledge
Homogeneous products
Perfect mobility
Solution
Restricted entry
Explanation: Perfect competition form of market is characterised by:
- Large number of buyers and sellers.
- Homogenous products.
- Free entry and exit.
- Perfect mobility of resources.
- Perfect knowledge.
- Absence of transport costs.
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RELATED QUESTIONS
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Reasoning (R): The number of buyers and sellers is so large that one person can not influences prices.
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