ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a tomato farm
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an office supply store
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an automobile manufacturer
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an Italian restaurant
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Detailed explanation-1: -Answer and Explanation: Tomato market is a perfect competitive market.
Detailed explanation-2: -The best examples of a purely competitive market are agricultural products, such as corn, wheat, and soybeans. Monopolistic competition is much like pure competition in that there are many suppliers and the barriers to entry are low.
Detailed explanation-3: -a marketing situation in which there are a large number of sellers of a product which cannot be differentiated and, thus, no one firm has a significant influence on price. Other prevailing conditions are ease of entry of new firms into the market and perfect market information.
Detailed explanation-4: -The agricultural industry probably comes closest to exhibiting perfect competition because it is characterized by many small producers with virtually no ability to alter the selling price of their products.