An assumption of the model of perfect competition is:
A) difficult entry and exit.
B) few buyers and sellers.
C) complete information.
D) different goods.

Question

Quizplus · Accepted Answer

The model of perfect competition assumes that all market participants have access to complete information about prices, quality, and availability of goods and services. This assumption allows buyers and sellers to make informed decisions and compete on a level playing field. While difficult entry and exit, few buyers and sellers, and different goods may be characteristics of some markets, they are not assumptions of the model of perfect competition.

An Assumption of the Model of Perfect Competition Is