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Perfectly Competitive Industry Quiz

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Questions and Answers

Which industry is an example of a perfectly competitive industry?

fast food industry

running shoe industry

wheat industry (correct)

airline industry

Which of the following is NOT a characteristic of a perfectly competitive industry?

Many small firms selling a homogeneous product

Buyers and sellers have perfect information about prices and product quality

High barriers to entry and exit (correct)

Firms have no market power to influence prices

Which of the following industries is most likely to be characterized by perfect competition?

Fast food industry

Beer industry

Airline industry

Wheat industry (correct)

Which industry is the LEAST likely to be considered a perfectly competitive market?

<p>Airline industry</p> Signup and view all the answers

What is the key characteristic that distinguishes a perfectly competitive industry from other market structures?

<p>Many small firms selling a homogeneous product</p> Signup and view all the answers

Perfectly Competitive Industry Quiz

Choose a study mode

Podcast

Questions and Answers

Which industry is an example of a perfectly competitive industry?

Which of the following is NOT a characteristic of a perfectly competitive industry?

Which of the following industries is most likely to be characterized by perfect competition?

Which industry is the LEAST likely to be considered a perfectly competitive market?

What is the key characteristic that distinguishes a perfectly competitive industry from other market structures?

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