Question

According to Fairchild, a situation of imperfect competition occurs mainly when ______.

Options

• The market has only one seller and many buyers

• The market is fully organised with easy comparisons

• Buyers and sellers have great difficulty in contacting each other

• Goods are sold only at government-fixed prices

Answer 1

According to Fairchild, a situation of imperfect competition occurs mainly when buyers and sellers have great difficulty in contacting each other.

Explanation:

Fairchild states that imperfect competition exists when the market is disorganised and buyers and sellers face difficulty in contacting each other and comparing goods and prices.