All of the following are characteristic of perfectly competetive market model except...?

a. full price is not always paid
b. there is a large # of buyers and sellers in the marketplace all with small amounts of total market
c. the firms in this industry produce a homogenous product
d. all economic agents posses perfect information

Answer:
a full price is not always paid
This is mot a required characteristic of perfect competetion.
B
a perfectly competitive market structure has the following characteristics:
a. there are large number of buyers and sellers,none of them large enough to influence the market
b.all buyers and sellers posses perfect knowledge in regard of price prevailing int he market and about production technique.
c. all firms produce homogeneous products so there is no branding or brand loyalty
d. all producers are price takers
e. there are no barriers to entry and exit

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