Which of the following most closely resembles a perfectly competitive market?

Question

Quizplus · Accepted Answer

The wheat market is a good example of a perfectly competitive market because there are many small producers and consumers, the product is homogenous, and there are no barriers to entry or exit. Soft drink industry, airline industry, and long-distance telephone service are all examples of oligopolies or monopolies, where a few large firms dominate the market and there are barriers to entry.

Which of the Following Most Closely Resembles a Perfectly Competitive