Which of the following is not a feature of perfect competition?
Which of the following is not a feature of perfect competition?
A). Large number of buyers and sellers
B). Small number of buyers and sellers
C). Free entry and exit
D). Goods is homogeneous
1 answers
Small number of buyers and sellers
Small number of buyers and sellers is not a feature of perfect competition. These are the three essential features of perfect competition: The number of buyers and sellers in the market is very large. These buyers and sellers compete among themselves. Due to the large number, no buyer or seller influences the demand or supply in the market.
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