Which one of the following is the best example of perfect competition?
A) Agricultural industry
B) Automobile industry
C) Utility industry
D) Clothing industry
E) Soft drink industry

Question

Quizplus · Accepted Answer

The agricultural industry is the best example of perfect competition because there are many small farmers producing identical agricultural products, such as wheat or corn, and no single farmer has control over the market price. This leads to a situation where prices are determined solely by supply and demand, and individual farmers cannot influence the market price.

Which One of the Following Is the Best Example of Perfect