Consider each characteristic of the perfectly competitive industry, how does the pencil business fit with the definition for a perfectly competitive industry? In what way does it not fit this definition? Does agriculture fit the definition better than pencils and in what way does it not fit the definition? Consider ease of entry/exit into industry, number of competitors, influence on price, size of each competitor, and anything else that is part of a perfectly competitive industry.

Link - https://www.youtube.com/watch?v=H08VMNg7UAg

Link- https://www.youtube.com/watch?v=aFBGsad_qE0