Question on: JAMB Economics - 2017
One of the unique features that distinguishes the perfect and imperfect market condition is _________
A
profit motive principles
B
absence of price control board
C
price determines production and distribution
D
number of sellers and buyers
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Correct Option: D
The unique feature that distinguishes perfect and imperfect market conditions is the number of sellers and buyers.
* **Perfect Competition:** Characterized by a large number of buyers and sellers, none of whom have the power to influence the market price.
* **Imperfect Competition:** Includes markets like monopolies, oligopolies, and monopolistic competition, where there are fewer sellers and/or buyers, giving them some control over price.
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