Which of the following firms is the closest to being a perfectly competitive firm?
A)the New York Yankees
B)Apple, Inc.
C)DeBeers diamond wholesalers
D)a wheat farmer in Kansas

Question

Quizplus · Accepted Answer

A wheat farmer in Kansas is the closest to being a perfectly competitive firm because there are many other wheat farmers in the market, the product is standardized, and the farmer is a price taker rather than a price maker. The other firms listed (the New York Yankees, Apple, Inc., and DeBeers diamond wholesalers) operate in markets that are more monopolistic or oligopolistic, and have more control over prices and markets.

Which of the Following Firms Is the Closest to Being