Which of the following is the best example of a perfectly competitive industry?
A) Wheat production
B) Steel production
C) Electricity production
D) Aeroplane production

Question

Quizplus · Accepted Answer

Wheat production is the best example of a perfectly competitive industry because it has many small producers who cannot influence market prices, standardized products, easy entry and exit, and perfect information. In contrast, steel production, electricity production, and airplane production have large firms that can influence prices, differentiate their products, and have barriers to entry.

Which of the Following Is the Best Example of a Perfectly