Which of the following is not an essential condition of perfect competition?
(a) Large number of buyers and sellers
(b) Homogenous product
(c) Freedom of entry
(d) Absence of transport cost
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Answer:
Option d is the correct answer.
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The absence of transport cost is not an essential condition of perfect competition.
What are the conditions of perfect competition?
- In the industry customers is the condition of perfect competition
- The buyers and sellers know the quality of the products
- Any firm can easily enter and leave in perfect competition and their entry and exit are free
- The products of all the firms are different
- The price is controlled in the perfect competition
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