Question

Which of the following quality of buyers and sellers leads to uniform price and uniform cost of the product?

• A. Perfect knowledge
• B. Wealthy
• C. Well-organised
• D. Healthy

Answer 1

The correct option is A

Perfect knowledge

A uniform price of the same product will not prevail throughout the market unless sellers are aware of the prices charged by other sellers and buyers are aware of the prices being charged by other sellers. Hence, perfect knowledge on the part of buyers and sellers leads to uniform price and uniform cost of the product.