What is an example of a perfectly competitive market

Question

Quizplus · Accepted Answer

The soybean market is an example of a perfectly competitive market because it has a large number of buyers and sellers, homogenous products, no barriers to entry or exit, and perfect information about prices and products. In a perfectly competitive market, no single buyer or seller can influence the market price. The other options listed (cable TV, tablet, and running shoe markets) are not examples of perfectly competitive markets as they often have few dominant sellers, product differentiation, barriers to entry or exit, and imperfect information.

What Is an Example of a Perfectly Competitive Market