Which of the following is the best example of a perfectly competitive market?

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Dairy farming is the best example of a perfectly competitive market as it has many small producers and consumers, standardized products, and easy entry and exit. In a perfectly competitive market, no single seller or buyer can influence the price of the product, and all the firms earn the same profit in the long run. The automobile industry, soft drink industry, and fast-food restaurants are oligopolistic markets with a few dominant players, making it less competitive.

Which of the Following Is the Best Example of a Perfectly