Question #95355
Which one is not a requirement for or a characteristics of perfect competition
Expert's answer
The main characteristics of a perfect competition are: 1. A Large Number of Buyers and Sellers
2. An Identical or a Homogeneous Product
3. No Individual Control Over the Market Supply and Price
4. No Buyers’ Preferences
5. Perfect Knowledge
6. Perfect Mobility of Factors
7. Free Entry and Free Exit of Firms.
