Which of the following goods would most likely be sold in a perfectly competitive market?

Alright let's go ahead and try this practice problem here. Which of the following goods would most likely be sold in a perfectly competitive market? A) luxury cars b) wheat c) laptop computers or d) pizza. Well the answer here is going to be wheat. B. Agricultural products are one of the best examples of perfectly competitive products. Remember a perfectly competitive market, all the goods are exactly the same and there's lots of buyers and lots of sellers, so there's no influence that they can exude on the price. So let's look at luxury cars, right? Luxury cars, you would imagine that there is some influence that they could have on price, right? There's not lots and lots of sellers and the products aren't exactly the same, right? They're a little different across the board. Just like laptops, right? Apple's versus PC, there's going to be differences there in preferences from the customers and pizza as well. Even though pizza would be a pretty close to a perfectly competitive market, there's still some differentiation between the products. You could think like fast food, right? Pizza, Papa John's pizza and Domino's pizza, it's a little different, but wheat right, you can't really distinguish wheat from 1 farmer from wheat from another farmer. That's why wheat is the best answer here. Cool, let's move on.

Which of the following goods would most likely be sold in a perfe...

1. Introduction to Macroeconomics1h 57m

2. Introductory Economic Models59m

3. Supply and Demand3h 43m

4. Elasticity2h 26m

5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m

6. Introduction to Taxes1h 25m

7. Externalities1h 3m

8. The Types of Goods1h 13m

9. International Trade1h 16m

10. Introducing Economic Concepts49m

11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m

12. Unemployment and Inflation1h 22m

13. Productivity and Economic Growth1h 17m

14. The Financial System1h 37m

15. Income and Consumption52m

16. Deriving the Aggregate Expenditures Model1h 22m

17. Aggregate Demand and Aggregate Supply Analysis1h 18m

18. The Monetary System1h 1m

19. Monetary Policy1h 32m

20. Fiscal Policy1h 0m

21. Revisiting Inflation, Unemployment, and Policy46m

22. Balance of Payments30m

23. Exchange Rates1h 16m

24. Macroeconomic Schools of Thought40m

25. Dynamic AD/AS Model35m

26. Special Topics11m

Which of the following goods would most likely be sold in a perfectly competitive market?

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