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What assumptions define perfect competition?
A
A single seller, a homogeneous product, free entry and exit, and perfect knowledge.
B
Very many small buyers and sellers, a differentiated product, free entry and exit, and imperfect knowledge.
C
A few large buyers and sellers, a homogeneous product, barriers to entry and exit, and perfect knowledge.
D
Very many small buyers and sellers, a homogeneous product, free entry and exit, and perfect knowledge.
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3.4.2 Perfect competition Flashcards
19 flashcards on Edexcel A A Level Economics 3.4.2 Perfect competition: the key terms, economic models and case studies you need to recall for Paper 1, Paper 2 and Paper 3.