Asked by
Rainiel Magpayo
on Oct 12, 2024Verified
The closest a firm can come to being a perfect competitor would be
A) a corn farmer in Kansas.
B) the owner of a small grocery store in St.Louis
C) a used car dealer.
D) a free agent major league baseball player.
Perfect Competitor
A hypothetical market structure where many firms sell an identical product, entry and exit are free, all information is known to all parties, and no single buyer or seller can influence the market price.
Corn Farmer
An agriculturalist who specializes in the cultivation and production of corn crops for various uses, including food, feed, and biofuel.
Grocery Store
A retail establishment that sells food and other household goods.
- Outline the features of perfect competition and the actions of companies engaged in it.
Verified Answer
JD
Learning Objectives
- Outline the features of perfect competition and the actions of companies engaged in it.