McqMate
| Q. |
Which of the following industries most closely approximates the perfectly competitive model? |
| A. | Automobile |
| B. | Cigarette |
| C. | Newspaper |
| D. | Wheat farming |
| Answer» D. Wheat farming | |
|
Explanation: In economic theory, perfect competition describes markets such that noparticipants are large enough to have the market power to set the price of a homo-geneous product. The agricultural products are the most commonly used example of perfect competition. First of all, they are homogenous products and neither consumer nor producer has influence over prices, they are simply price takers. |
|
View all MCQs in
Indian Geography (GK)No comments yet