Which of the following markets is likely to be perfectly competitive?

Question

Quizplus · Accepted Answer

The market for wheat is likely to be perfectly competitive because it is a homogeneous product, there are a large number of buyers and sellers, and there are no barriers to entry or exit. The market for patented nuclear medicines is likely to be monopolistic, the market for smart phones is likely to be oligopolistic, and the market for shower gel may be monopolistic or monopolistically competitive.

Which of the Following Markets Is Likely to Be Perfectly