Multiple Choice
Products sold in a perfectly competitive market are
3. Supply and Demand
Introduction to Supply and Demand
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Which of the following goods would most likely be sold in a perfectly competitive market?
A
Luxury cars
B
Wheat
C
Laptop Computers
D
Pizza
Verified step by step guidance1
Understand the characteristics of a perfectly competitive market: Many buyers and sellers, homogeneous products, free entry and exit, and perfect information.
Evaluate each good based on these characteristics. Consider if there are many sellers and if the product is homogeneous.
Luxury cars: Typically, these are differentiated products with brand value, not homogeneous, and there are fewer sellers.
Laptop Computers: These are also differentiated products with brand and feature variations, not homogeneous.
Wheat: This is a homogeneous product with many sellers and buyers, fitting the characteristics of a perfectly competitive market.
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