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Perfectly Competitive Industry Quiz

Created by

@VibrantXylophone

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Questions and Answers

Which industry is given as an example of a perfectly competitive industry?

The airline industry

The beer industry

The wheat industry (correct)

The fast food industry

What characteristic best describes a perfectly competitive industry?

A small number of large firms dominate the market

Firms have the ability to set prices above the market level

Products are highly differentiated and unique

Firms can easily enter and exit the market (correct)

Which of the following industries is least likely to be considered perfectly competitive?

The corn production industry

The rice farming industry

The software industry (correct)

The cattle ranching industry

In a perfectly competitive industry, firms are considered:

<p>Price takers</p> Signup and view all the answers

What is a key characteristic of a perfectly competitive market?

<p>Firms have perfect information about prices and products</p> Signup and view all the answers

Study Notes

Perfectly Competitive Industry

An example of a perfectly competitive industry is the wheat industry.
Perfectly competitive industries typically have many firms producing a homogeneous product.
In a perfectly competitive industry, there are many buyers and sellers, and no single buyer or seller has the power to influence the market price.

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Description

Test your knowledge on perfectly competitive industries by selecting the example that best fits the criteria. Choose the correct answer from the options provided.