Which of the following best illustrates a perfectly competitive market?

Question

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Soybeans are typically sold on commodity markets where there are many small buyers and sellers, a standardized product, prices are easily accessible, and there are no barriers to entry or exit. This closely resembles a perfectly competitive market. Jeans, breakfast cereal, and electric power all have some degree of market power or government intervention, which deviates from perfect competition.

Which of the Following Best Illustrates a Perfectly Competitive Market