Economists do not consider the smartphone industry perfectly competitive because

A) the government strictly regulates entry and exit.
B) smartphones are heterogeneous.
C) smartphone manufacturers each have a small market share.
D) there are a large number of smartphone manufacturers.

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit, which leads to firms being price takers.

Smartphones

Mobile phones that offer advanced functionalities, including internet connectivity, apps, and touchscreen interface.