Question : Which of the following statements is correct regarding the features of a perfectly competitive market?
I. The market consists of a large number of buyers and sellers.
II. Information is perfect.
Option 1: Only I
Option 2: Neither I nor II
Option 3: Both I and II
Option 4: Only II
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Correct Answer: Both I and II
Solution : The correct answer is B oth I and II .
In a perfectly competitive market, there are many sellers, and there is easy entry and exit of firms and homogeneous products. In a competitive market, no single consumer or producer has the power to dictate or control the market. Agriculture is the best example of a perfectly competitive market. In agriculture, many farmers grow the same crop, and some large consumers want to buy that produce.
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