WAEC Economics 2021 Theory — Question 20

Question 20 of 26 from the West African Examinations Council (WAEC) Economics 2021 Theory paper, with the correct answer and a full explanation.

6(a). State three characteristics of perfect competition.

Model answer

(i) Homogeneity of products in the market (products are identical). (ii) Free entry into and exit from the market. (iii) Perfect information available to both buyers and sellers about the market.

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