5 Questions
Which industry is an example of a perfectly competitive industry?
wheat industry
Which of the following is NOT a characteristic of a perfectly competitive industry?
High barriers to entry and exit
Which of the following industries is most likely to be characterized by perfect competition?
Wheat industry
Which industry is the LEAST likely to be considered a perfectly competitive market?
Airline industry
What is the key characteristic that distinguishes a perfectly competitive industry from other market structures?
Many small firms selling a homogeneous product
Test your knowledge on perfectly competitive industries by identifying an example from multiple choices. Choose the industry that best fits the characteristics of a perfectly competitive market structure.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
