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01-12-2022
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which of the following firms is the closest to being a perfectly competitive firm? question 20 options: a) the new york yankees b) apple, inc. c) debeers diamond wholesalers d) a wheat farmer in kansas

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Tutorconsortium322 Tutorconsortium322

06-12-2022

The right answer is D, with a Kansas wheat farmer's business being just a perfectly competitive firm.

What are firms with perfect competition?

A perfectly competitive business would accept a price which it sells its products because it is a price taker. A completely competitive business will not be able to generate any sales if it seeks to ask even a small amount above the going rate.

What is the ideal response to a contest?

When every business or company there in market is selling the same goods and prices remain unaffected by the company's market share, this is referred to as perfect competition. Some of the characteristics of perfect competition include the following: the market's plenty of buyers and sellers.

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