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Question
Which industry best fits the description of a perfectly competitive market?
Which industry best fits the description of a perfectly competitive market?
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Solution
The correct option is C Agriculture
Perfect competition is a type of market where there are huge number of buyers and sellers who deals in the same type of product due to which no individual unit is able to influence the price of the product and the seller have to quote the price that prevails in the market which usually remains uniform due to such large involvement of the masses. Therefore, agriculture is the best example of a perfectly competitive market
Perfect competition is a type of market where there are huge number of buyers and sellers who deals in the same type of product due to which no individual unit is able to influence the price of the product and the seller have to quote the price that prevails in the market which usually remains uniform due to such large involvement of the masses. Therefore, agriculture is the best example of a perfectly competitive market
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