advertising expenses would not be necessary under perfect competition because

Assessment: WAEC SSCE - Economics - 2006 (Objective) Subject: Economics

Question 1 Report

advertising expenses would not be necessary under perfect competition because
Answer Details
Advertising expenses would not be necessary under perfect competition because consumers would have complete knowledge of goods. In a perfectly competitive market, there are many firms selling the same product, and consumers have access to all the information they need to make informed purchasing decisions. Therefore, advertising would not be necessary to inform consumers about the product or to differentiate one firm's product from another's.
Read lesson note on Methods And Tools Of Economic Analysis (JAMB)
Read lesson note on Economics As A Science (JAMB)
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