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What is the correct answer?

4

In a perfectly competitive market, suppliers must know:

A. The incomes of consumers

B. The price of the good

C. What other commodities households could substitute for the good

D. Consumers expectations of the future

Correct Answer :

B. The price of the good


Under perfect competition, suppliers must know the price of the good, but need not to know the characteristics of demanders.}
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