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    Question

    Which of the following is not an essential condition for

    perfect competition?
    A Homogeneous products Correct Answer Incorrect Answer
    B Many sellers and buyers Correct Answer Incorrect Answer
    C Freedom of entry and exit Correct Answer Incorrect Answer
    D firms are price takers and not price makers Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The essential conditions for perfect competition in a market are: 1. homogeneous products 2. many sellers and buyers 3. freedom of entry and exit 4. firms are price takers and not price makers

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