One of the characteristics of an imperfect market is the?

Assessment: JAMB UTME - Economics - 1999 Subject: Economics

Question 1 Report

One of the characteristics of an imperfect market is the?
Answer Details
One of the characteristics of an imperfect market is the heterogeneity of products. This means that in an imperfect market, goods and services are not homogeneous or identical. They may have slight differences in quality, packaging, design, features, etc. This makes it difficult for buyers to make direct comparisons and for sellers to compete solely on price. As a result, imperfect markets often have higher prices and lower quantities exchanged compared to perfect markets where goods and services are homogeneous and price is the only differentiating factor.
Read lesson note on Market Structures (WAEC)
Read lesson note on Market Structure (JAMB)
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