Homework Answers
Perfect competition is a market time where .
1.there a large number of sellers and buyers in the market.
2.the price is decided by the demand forces that is supply and demand in the market
3.products are homogeneous in nature .
4 there are no entry and exit barriers in the market.
5.it is assumed that the consumer and supplier has perfect knowledge about the market .
Perfect knowledge of the market means consumer know their preference, income levels, price availibility and technology related information .
But consumers cannot expect or anticipate any price change in this market .
They can only talk in terms of current situation.
So the answer is option D
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