I populated some of the answers to show what the options are

I populated some of the answers to show what the options are for all of the drop down menus. I\'m not sure that these answers are correct. Please give full answer

Which of the following are perfectly competitive markets? Number of Perfectly Competitive? Type of Product Ease of Entry Market Wheat Farming Sub Sandwich shops Manufacturing cell phones Office building construction Identical Identical or Differentiated High Differentiated Unique No One Many Entry Blocked

Solution

ANSWER:

DIFFERENTIATED

(BECAUSE MANY TYPES OF SANDWICHES ARE PRODUCED)

MARKET	PERFECTLY COMPETITIVE	NUMBER OF FIRMS	TYPE OF PRODUCT	EASE OF ENTRY
WHEAT FARMING	YES (MANY BUYERS AND SELLERS)	MANY	IDENTICAL (BECAUSE CORN IS SAME EVERYWHERE)	HIGH (LESS CAPITAL REQUIRED)
SUB SANDWICH SHOPS	NO (FEW BUYERS AND MANY SELLERS)	MANY	DIFFERENTIATED (BECAUSE MANY TYPES OF SANDWICHES ARE PRODUCED)	HIGH (LESS CAPITAL REQUIRED)
MANUFACTURING CELL PHONES	NO (FEW SELLERS AND MANY BUYERS)	FEW	DIFFERENTIATED ( BECAUSE MANY TYPES OF CELL PHONES ARE PRODUCED)	LOW (CAPITAL INVESTMENT IS HIGH)
OFFICE BUILDING CONSTRUCTION	NO (FEW SELLERS AND MANY BUYERS)	FEW	DIFFERENTIATED (BECAUSE DIFFERENT TYPES OF HOUSES ARE MADE)	LOW (CAPITAL INVESTMENT IS HIGH)