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Questions and Answers
Which industry is an example of a perfectly competitive industry?
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?
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?
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?
Which industry is the LEAST likely to be considered a perfectly competitive market?
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What is the key characteristic that distinguishes a perfectly competitive industry from other market structures?
What is the key characteristic that distinguishes a perfectly competitive industry from other market structures?
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