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Answer to Question #227347 in Microeconomics for PEEJAY
Question #227347
Which one of the following is not a requirement for or a characteristic of perfect competition?
- A. all market participants should have perfect knowledge of market conditions.
- B. the good must be homogeneous.
- C. there should be no government intervention.
- D. every firm must have the power to set its price
Expert's answer
D. every firm must have the power to set its price
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