All of the following describes conditions necessary for exis…

JAMB Economics 2023 48 views

All of the following describes conditions necessary for existence of a perfect market EXCEPT

  1. lack of homogeneity of goods ✓
  2. large buyers and sellers
  3. perfect knowledge
  4. portability of goods

Explanation

This answer correctly explains the economic concept. Economics studies how people make choices about limited resources.

The other options describe different economic ideas or situations. They don’t fit what this question asks.

Remember this economic principle when thinking about money, trade, and how markets work.

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