Ask Question
11 November, 01:29

Provide an example of a real-world industry or market that would be described by economists as perfectly competitive. (hint: what are the characteristics of perfectly competitive markets?) "

+4
Answers (1)
  1. 11 November, 03:30
    0
    A perfectly competitive market is a market where all competitors are very small businesses, supply prices are perfectly elastic, all goods sold are the same (no branding), abnormal profits can only be made in the short run

    Perfect competition is a theoretical model so there is no real world example in our world an example I find easy is the milk market since the good is the same no matter the brand and the amount of branding is minimal and there is usually a good amount of competitors in a country
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Provide an example of a real-world industry or market that would be described by economists as perfectly competitive. (hint: what are the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers