-How would you define "many" when we say there are "many firms in an industry"?

Question

Quizplus · Accepted Answer

The term "many" in the context of firms in an industry refers to a situation where there are enough firms that no single firm has significant influence over the market price. This is a characteristic of perfect competition, where the market is made up of a large number of firms producing similar products, and no single firm can influence the price due to the competitive nature of the market. The exact number (such as more than 5, 10, 25, or 100) is less relevant than the effect those firms have on the market dynamics.

-How Would You Define "Many" When We Say There Are