Which of the following examples best approximates a competitive market?

Question

Quizplus · Accepted Answer

The market for soybeans in the United States is likely the best approximation of a competitive market as it is a commodity with a large number of buyers and sellers, and the product is relatively homogeneous. The F-35 fighter plane market and Jackson Pollock paintings market are both oligopolies with a small number of dominant players. The Tesla electric car market is not as concentrated as the first two, but it still has fewer players than the soybean market, and the product is not as standardized.

Which of the Following Examples Best Approximates a Competitive Market