Question on: JAMB Economics - 2003

An imperfect market deviates from the conditions of a perfectly competitive market. In an imperfect market, the features include: * **Few Sellers:** There are a limited number of sellers in the market. This can lead to those sellers having significant control over the market price. * **Imperfect mobility of factors of production:** Factors like labor and capital may not be able to move freely in and out of the industry. * **Product Differentiation:** Goods and services are not homogenous. * **Non-preferential treatment:** Sellers may offer different terms or conditions to different buyers, and vice versa. Option B correctly describes one of the key characteristics of an imperfect market.