Choose the correct option that is true about ideal market.
Statement 1: Perfect competition is a type of ideal market.

Statement 2: An ideal market can be found anywhere.

Statement 3: In an ideal market, similar products are sold and bought.

Only statement 2 is correct.

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Only statements 1 and 3 are correct.

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Only statements 1 and 2 are correct.

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Only statements 2 and 3 are correct.

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Solution

The correct option is B Only statements 1 and 3 are correct.
An ideal market is highly competitive market because all the competiors make similar kind of products. In such markets, there are huge number of sellers and buyers. Each and every buyer has the same information about the market.

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