Give examples of industries that come as close to perfect co

Give examples of industries that come as close to perfect competition as you possibly can. Cite background information to support your claim. When posting to other comments, point out information that supports or refutes the claim. Be sure to include terminology such as profit, average reenue, marginal revenue, marginal cost, monopoly, natural monopoly, collusion, economies of scale or cartel.

Solution

Unpackaged milk, Rice( non branded), meat(non branded), market of generic drugs, country liquor (non branded), eggs etc come close to perfect competition because there are too many suppliers and consumers, Average revenue is equal to marginal revenue and marginal cost is often equated with marginal revenue and price. There is no collusion and no economies of scale of great magnitude. Neither are there cartels. Profit is normal in longrun but not economic profit.