Answer to Question #95356 in Economics for Wilson Pilane

Question

What is not a requirement for or a characteristics of perfect competition

Answer 1

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.