Which of the following markets are competitive enough to be treated as perfectly competitive?
A) Agricultural markets
B) Copper
C) The U.S. airline industry
D) Coal, iron, tin and lumber
E) all of the above

Question

Quizplus · Accepted Answer

All the options listed, including agricultural markets, copper, the U.S. airline industry, and markets for coal, iron, tin, and lumber, can be considered competitive to various extents. However, the concept of perfect competition is an idealized model, and in reality, no market perfectly fits this model. These markets are chosen as examples because they exhibit characteristics close to the model, such as many buyers and sellers, and a homogeneous product.

Which of the Following Markets Are Competitive Enough to Be