One of the essential conditions of perfect competition is
A)Product Differentiation
B)Multiplicity of prices for identical product at any one Time
C)Many sellers and few buyers
D)Only one price for identical goods at any one time

Question

Quizplus · Accepted Answer

In a perfectly competitive market, identical goods must have only one price at any given time due to the principle of price taker behavior, where no single buyer or seller has the power to influence market prices.

One of the Essential Conditions of Perfect Competition Is