ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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product that is the same no matter who produces it.
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Commodity
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Barrier to Entry
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Perfect Competititon
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monopoly
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Explanation:
Detailed explanation-1: -A commodity is a product that is the same no matter who produces it. Milk, petroleum, and apples are examples of commodities.
Detailed explanation-2: -Commodities are found in the majority of goods that end up in the hands of consumers, including tires, tea, ground beef, orange juice, and clothing. The most common commodities include copper, crude oil, wheat, coffee beans, and gold.
Detailed explanation-3: -Some examples of oligopolies include the car industry, petrol retail, pharmaceutical industry, coffee shop retail, and airlines. In each of these industries, a few large companies dominate.
Detailed explanation-4: -Therefore, agriculture is the best example of a perfectly competitive market.
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