Many agricultural products,such as wheat,are produced by thousands of different producers that grow essentially the same product.The market structure model that would best characterize such a market is:

Question

Quizplus · Accepted Answer

In a market with thousands of producers selling essentially the same product, there are no significant differences between the products and the buyers have perfect information about the market. In such a market, none of the producers has a significant market share, and no individual producer can influence the market price. Hence, it is evident that the market structure that best characterizes this market is perfect competition.

Many Agricultural Products,such as Wheat,are Produced by Thousands of Different