Asked by Jessica Lazur on Jun 14, 2024
Verified
The "perfect information" assumption of perfect competition includes all of the following except one. Which one?
A) Consumers know their preferences.
B) Consumers know their income levels.
C) Consumers know the prices available.
D) Consumers can anticipate price changes.
E) Firms know their costs, prices and technology.
Perfect Information
A scenario in which all participants have access to all relevant information for decision-making.
Price Changes
Alterations in the selling price of goods or services over time due to various factors like supply and demand, inflation, or production costs.
Consumers
Consumers are individuals or groups that use goods and services generated within the economy to satisfy their personal needs and desires.
- Recognize the importance of information in market competition.
Verified Answer
Learning Objectives
- Recognize the importance of information in market competition.
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