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Praxis II Government/Political Science Exam Prep

Category - Praxis II Government/Political Science Test

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Which of the following conditions is not necessary for a perfect market?
  1. No barrier to entry or exit
  2. All actors have total information about the market
  3. Equal access to technology
  4. The absence of regulation
Explanation
Answer: D - A perfect market does not require the absence of regulation. A perfect market is defined by being perfectly competitive; so long as regulation does not favor one actor over another, it does not make the market imperfect in the economic sense. A perfect market is not the same as a free market.
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