5 Questions
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?
The wheat industry is perfectly competitive, while the airline industry is an oligopoly with a few dominant firms.
What are some examples of other perfectly competitive industries besides the wheat industry?
Other examples of perfectly competitive industries include the commodity markets for agricultural products like corn, soybeans, and rice.
Test your knowledge on perfectly competitive industries with this quiz question asking about an example of such an industry.
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