WAEC Economics 2017 Theory — Question 14
Question 14 of 23 from the West African Examinations Council (WAEC) Economics 2017 Theory paper, with the correct answer and a full explanation.
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5(a) State two features each of: (i) perfect competition; (ii) monopolistic competition.
Model answer
Features of perfect competition: (i) Free entry and exit to the market (ii) Large number of buyers and sellers. Features of Monopolistic competition: (i) Few sellers with differentiated goods (ii) Restriction of entry and exit to the market.
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