For the Alberta beef industry to be classified as perfectly competitive,ranchers in Alberta must have _____ on prices and beef must be a _____ product.

Question

Quizplus · Accepted Answer

In a perfectly competitive market, no single producer or consumer has enough market power to affect the market price. Therefore, ranchers in Alberta must have no noticeable effect on prices for the beef industry to be classified as perfectly competitive. Additionally, in a perfectly competitive market, products are standardized, meaning they are identical or very similar in quality and characteristics.

For the Alberta Beef Industry to Be Classified as Perfectly