An industry with a large number of small firms producing a standardized product in a market with easy entry and exit of firms is:
A)perfect competition.
B)monopolistic competition.
C)oligopoly.
D)monopoly.

Question

Quizplus · Accepted Answer

The industry described exhibits the characteristics of perfect competition, which includes a large number of firms, standardized products, and easy entry and exit of firms.

An Industry with a Large Number of Small Firms Producing