Which of these is not a condition for perfect competition?

Many buyers and sellers.

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No transaction cost.

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ISI mark product being sold.

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Complete market information.

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Solution

The correct option is C ISI mark product being sold.
Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market because of the customer's knowledge about the price and no transaction cost.

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Similar questions

Which of the following is not a feature of perfect competition ?

(a) Large no. of buyers

(b) Free entry and exit

(d) Differentiated products

In which of the market situations, there are a large number of buyers and sellers selling identical products in the market?

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