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15 June, 20:02

Which of the following is a firm in a perfectly competitive market?

1) a local corn farmer

2) the Tennessee Valley Authority, a large electricity producer that serves areas of five states

3) pizza delivery

4) a grocery store

5) Kate Spade, fashion designer

Compare a perfectly competitive market with a monopolistically competitive market.

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Answers (1)
  1. 15 June, 20:05
    0
    a grocery store

    Answer: Option 4.

    Explanation:

    Perfectly competitive market is a form of market in which the suppliers of the market are not differentiated from each other. In the sense that the firms of this form of market produce goods which are same.

    The prices of the goods, the physical features of the goods like the shape, color, size of the goods are same with each other. They are not different. So these are homogeneous to each other. The clients of this market are not attracted to any particular supplier because all are homogeneous.
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