Asked by Leland Marsh on Jun 10, 2024
Verified
Which of the following markets are closest to perfectly competitive
A) The market for smart phones
B) The market for generic pharmaceuticals
C) The market for sport shoes
D) The market for fast food
Perfectly Competitive
A perfectly competitive market is one where there are many sellers and buyers, homogeneous products, and no barriers to entry or exit, resulting in market prices determined by supply and demand.
Generic Pharmaceuticals
Medications marketed without brand names and often sold at lower prices than their branded counterparts, but contain the same active ingredients.
Smart Phones
Advanced mobile phones with extensive computing abilities, including internet access, app functionality, and touchscreen interface.
- Understand the features of an ideal competitive market, especially in terms of demand curve elasticity.
Verified Answer
Learning Objectives
- Understand the features of an ideal competitive market, especially in terms of demand curve elasticity.
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