Which of the following is LEAST likely to be considered a firm in an imperfectly competitive industry?
A) a Burger King in Pittsburgh, Pa.
B) Ohio Bell Telephone Company
C) a wheat farmer in Kansas
D) the only locally owned and operated bank in Severn, MD.

Question

Quizplus · Accepted Answer

Wheat farming is typically considered a perfectly competitive industry, as there are many small producers and no single producer has control over the market price. The other options are all examples of firms in industries that are imperfectly competitive.

Which of the Following Is LEAST Likely to Be Considered