Question

Why is agriculture often considered to be an example of perfect competition?

Answer 1

The term perfect competition denotes market situation in which there are numerous buyers and sellers, and no single buyer or seller can affect price.

Agriculture is often considered to be an example of perfect competition because individual farmers have almost no control over the market price of their goods.

Answer 2

Agriculture is often considered to be an example of perfect competition because individual farmers have almost no control over the market price of their goods.