WAEC Economics 2014 Objective — Question 34
Question 34 of 50 from the West African Examinations Council (WAEC) Economics 2014 Objective paper, with the correct answer and a full explanation.
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Perfect knowledge of events in a perfect market will be made possible by the existence of
- A. many buyers and sellers
- B. homogeneous productsCorrect
- C. means of communication
- D. large number of trades
Explanation
In a perfect market, the number of buyers and sellers is infinite. This allows for free flow of information in the market, aided by homogeneous products.
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