Which of the following factors signifies Perfect competition?
1. All firms produce an identical or homogeneous product
2. There is perfect information and knowledge
3. Large number of buyers and seller.
4. Each firm earns normal profits and no firms can earn super-normal profits.
Select the correct answer using the code given below:
1
1, 2, and 3 only
2
2, and 3 only
3
2, 3, and 4 only
4
1, 2, 3, and 4