Products such as grains and vegetables cannot function in an environment where perfect competition exists.

Question

Quizplus · Accepted Answer

Products such as grains and vegetables can function in an environment where perfect competition exists. While there may be many sellers of these products, they are not identical as there can be differences in quality, location, etc. Additionally, farmers can choose whether or not to enter the market based on the prevailing prices, so they have some control over the supply.

Products Such as Grains and Vegetables Cannot Function in an Environment