Which of the following industries most closely resembles perfect competition?
A)agriculture
B)farming implements
C)clothing
D)steel
E)brewing

Question

Quizplus · Accepted Answer

Agriculture is an industry that comes closest to perfect competition. In this industry, there are a large number of firms producing homogenous products, and each firm is a price-taker, meaning it has no influence over the market price. There is easy entry and exit into the industry, and the consumers have complete information about the products being sold.

Which of the Following Industries Most Closely Resembles Perfect Competition