The closest example of a perfectly competitive industry is
A) casual dining restaurants.
B) cigarettes.
C) convenience stores.
D) alfalfa.

Question

Quizplus · Accepted Answer

Alfalfa is the best choice as it is a commodity that is homogeneous, meaning it is identical in all aspects regardless of the producer. There are also many buyers and sellers in the market with low barriers to entry and exit, making it very competitive. Casual dining restaurants, cigarettes, and convenience stores do not have the same level of competition as alfalfa.

The Closest Example of a Perfectly Competitive Industry Is