Answer to Question #346937 in Microeconomics for monaheng

Question

Which one of the following is not a requirement for perfect competition to exist?

A.No individual seller must be able to influence the price.

B.No individual buyer must be able to influence the price.

C.The product must be standardised (homogeneous).

D.All sellers must have similar costs of production.

Answer 1

C. The product must be standardised (homogeneous).