What Is an Example of a Perfectly Competitive Market

question 193

Multiple Choice

What is an example of a perfectly competitive market?

• A) cereal market
• B) wheat market
• C) smart phone market
• D) hockey equipment market

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Definitions:

Capitalist Economy

An economic system where private individuals and business owners control the production, distribution, and exchange of goods and services, typically driven by profit motives.

Central Planning

An economic system where all major production, investment, and allocation decisions are made by the government or a central authority.

Government Ownership

The situation in which assets, enterprises, or industries are owned and operated by the government rather than private individuals or companies.

Mean of Production

Likely a typographic error intended to refer to "Means of Production," which are the resources (such as land, labor, and capital) used to produce goods and services.