Which of the following markets are closest to perfectly competitive? (a) The market for smart phones (b) The market for generic pharmaceuticals (c) The market for fast food (d) The market for sport shoes

Economics Dec 18, 2020

Expert Solution

The answer is d). The market for smart phones only have a handful of producers. The market for generic pharmaceuticals does not allow free entry due to regulations. The market for fast food offer many heterogeneous products, each franchise offers a slightly differentiated varieties.

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