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Perfectly Competitive Industry Quiz Question

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Perfectly Competitive Industry Quiz Question

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Questions and Answers

Which of the given industries is an example of a perfectly competitive industry?

C. wheat industry

What are the key characteristics of a perfectly competitive industry?

Many small producers, homogeneous product, no single producer can influence the market price.

Why is the wheat industry considered a perfectly competitive industry?

The wheat industry has many small producers selling a homogeneous product, with no single producer able to influence the market price.

How does the level of competition in the wheat industry differ from that of the airline industry?

<p>The wheat industry is perfectly competitive, while the airline industry is an oligopoly with a few dominant firms.</p> Signup and view all the answers

What are some examples of other perfectly competitive industries besides the wheat industry?

<p>Other examples of perfectly competitive industries include the commodity markets for agricultural products like corn, soybeans, and rice.</p> Signup and view all the answers