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Which of the following is a good example of a firm that IS likely to be...

Which of the following is a good example of a firm that IS likely to be perfectly competitive?

Farmer Joe's wheat.

Coyote Wile's beef ranch.

Captain John's salmon farm.

Aviator Alan's nonstop airline service from Seattle to Nome.

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Answer #1

Option 1

Farmer Joe's wheat.

A what is an identical product, there are many farmers produce it. the farmer can not control price. It accepts price given by the market. There is no need for advertising or advertising do not affect the sell of an individual farmer.

All feature of the wheat market is same of the perfectly competitive market

the beef ranch is one firm with less competition and requires large costs the same for Salmon farm.

An airline also requires a large cost.

A large cost is a barrier for entry in the industry.

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