Which of the following is not a condition of perfect competition?
(a) A large number of firms.
(b) Perfect mobility of factors.
(c) Informative advertising to ensure that consumers have good information.
(d) Freedom of entry and exit into and out of the market.
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A large number of firms
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answer is (c)
as in perfect competition goods are homogeneous there is no need for advertising as advertising generally occurs to show one product superior over other but due to homogeneous product we do not want it in perfect competition
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