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What four assumptions underpin perfect competition?
A
Many buyers and sellers, a homogeneous product, free entry and exit, and perfect knowledge.
B
Many buyers and sellers, a differentiated product, free entry and exit, and imperfect knowledge.
C
A few large buyers and sellers, a homogeneous product, restricted entry and exit, and perfect knowledge.
D
A single buyer and seller, a differentiated product, restricted entry and exit, and imperfect knowledge.
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1.5.3 Perfect competition Flashcards
21 flashcards on AQA A Level Economics 1.5.3 Perfect competition: the key terms, economic models and case studies you need to recall for Paper 1, Paper 2 and Paper 3.