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Questions and Answers
Which industry is given as an example of a perfectly competitive industry?
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?
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?
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:
In a perfectly competitive industry, firms are considered:
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What is a key characteristic of a perfectly competitive market?
What is a key characteristic of a perfectly competitive market?
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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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